Russia to Prioritize Supplying Energy for Social Development Over Bitcoin Mining

Russia’s Ministry of Energy has announced that the country will prioritize using its energy resources for social development rather than for Bitcoin mining. Energy Minister Sergei Tsivilev emphasized that any surplus power can be supplied to legal and registered Bitcoin miners operating outside of the “gray” zone. Despite the belief that Russia has the potential to become a major player in Bitcoin mining, the government has indicated that its focus is on supporting social development within the country. Tsivilev also underlined the importance of legal registration and tax compliance for miners, as many still operate in the gray area. While Russia has implemented regulations governing cryptocurrency mining, there remains the possibility of regional bans on the activity. In light of this, Tsivilev stated that the government’s priorities lie in social development and industry growth.