Russia to move crypto miners to the barren north, let them mint at old oil fields

Russian officials are suggesting that crypto miners move north to alleviate electricity consumption problems. This approach intends to capitalize on unused power generation in abandoned oil fields, allowing miners to operate at lower grid-based electricity rates.

Amid an expanded ban on crypto mining in energy-deficient regions, the Deputy Minister of Energy, Evgeny Grabchak, stated that relocating could provide benefits such as reduced electricity costs, though this is part of a broader effort to address nationwide energy shortages.