Cryptocurrency

In a groundbreaking move, <a href="https://ultramining.com/news/en/irkutsk-region-busts-1-000-illegal-crypto-miners-in-a-year-fires-a-major-concern/">Irkutsk</a>, often dubbed as Russia's mining capital, has established the nation's first Legal Institute for Mining and Cryptocurrency. Announced by Sergey Shishkin, a distinguished law professor and Honoured Lawyer of the Russian Federation, this institute marks a significant step in addressing the comprehensive impact of mining activities on various sectors, including the economy, energy, environment, and social fabric of the region and country, according to <a href="https://sia.ru/?action=show_news&amp;id=458465&amp;section=484">Sia</a>. 
Shishkin emphasized the importance of studying cryptocurrency mining from multiple perspectives. The goal is to objectively evaluate its effects on legal entities and the population concerning logistics, energy supply, industrial mining, and the use of artificial intelligence. This institute aims to collaborate with state authorities, local governments, energy companies, industrial mining associations, and all relevant stakeholders. 
The initiative is seen as a strategic move to ensure technological sovereignty, clarity in taxation, and stability in legislative regulation and economic growth. It arrives amidst concerns about energy consumption in the <a href="https://ultramining.com/news/en/irkutsk-governor-calls-for-tighter-crypto-mining-regulations-amid-tax-shortfalls-and-energy-crisis/">Irkutsk</a> region. Governor Igor Kobzev noted that crypto mining, consuming over 800 MW, has contributed to an energy deficit of 1000 MW. This has sparked discussions about revising <a href="https://ultramining.com/news/en/minnesota-man-faces-accusations-of-electricity-theft-for-bitcoin-mining/">electricity</a> tariffs and prioritizing power supply connections. 
However, Dmitry Konopelko, head of the Irkutsk Power Grid Company, offered a different perspective. He argued that the surge in energy consumption is primarily due to electric heating, not crypto mining. According to Konopelko, crypto mining equipment's consistent year-round energy use doesn't align with the seasonal spikes in energy consumption observed in the region. 
This development comes after the Irkutsk region set a new record for energy consumption on December 15, 2023, reaching 10.2 GW. The establishment of the Legal Institute for Mining and Cryptocurrency in Irkutsk is a pivotal step towards comprehensively understanding and regulating the complex interplay between cryptocurrency mining and its broader socio-economic and legal implications.&nbsp;

Irkutsk Launches Russia’s First Legal Institute for Crypto Mining and Cryptocurrency

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