Russia’s Energy Focus Shifts to Social Development, Not Bitcoin Mining

CoinMarketCap09-08

Russia’s Ministry of Energy has declared that the nation will prioritize using its energy resources for social development purposes, rather than for Bitcoin mining. This statement was made by the ...

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This statement was made by the ...</p>\n\n<a href=\"https://coinmarketcap.com/community/articles/66dd93f4ef7b540e14845904/\">Source Link</a>\n\n</div>\n","source":"coinmarketcap_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Russia’s Energy Focus Shifts to Social Development, Not Bitcoin Mining</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nRussia’s Energy Focus Shifts to Social Development, Not Bitcoin Mining\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-09-08 20:09 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://coinmarketcap.com/community/articles/66dd93f4ef7b540e14845904/><strong>CoinMarketCap</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Russia’s Ministry of Energy has declared that the nation will prioritize using its energy resources for social development purposes, rather than for Bitcoin mining. This statement was made by the ...</p>\n\n<a href=\"https://coinmarketcap.com/community/articles/66dd93f4ef7b540e14845904/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"COIN","symbol_name":"Coinbase Global, Inc.","start_time":0,"source_url":"https://coinmarketcap.com/community/articles/66dd93f4ef7b540e14845904/","article_id":"2465925296","we_media_id":null,"thumbnails":["https://academy-public.coinmarketcap.com/srd-optimized-uploads/e8f3db517b8245848c8671c837fc40a9.png"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2465925296","pubTimestamp":1725797363,"sourceInfo":{"source_id":"coinmarketcap_highlight","name":"CoinMarketCap"},"weMediaInfo":null,"summary":"Russia’s Ministry of Energy has declared that the nation will prioritize using its energy resources for social development purposes, rather than for Bitcoin mining. This statement was made by the Energy Minister, Sergei Tsivilev, who emphasized that while surplus energy could be directed toward Bitcoin mining, it would only be allocated to legal and registered operators, keeping them outside the “gray” zone.Bitcoin Mining Not a Priority for Russia’s Energy Use. This focus on legality comes in response to the fact that many Bitcoin miners in Russia still operate within a “gray” zone. The government’s stance aims to bring more miners into a regulated framework, ensuring they comply with national laws.Despite these regulatory changes, Tsivilev made it clear that Russia’s primary focus remains on social development and industrial growth, rather than on fostering a thriving Bitcoin mining industry. 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This statement was made by the Energy Minister, Sergei Tsivilev, who emphasized that while surplus energy could be directed toward Bitcoin mining, it would only be allocated to legal and registered operators, keeping them outside the “gray” zone.\nBitcoin Mining Not a Priority for Russia’s Energy Use\nDespite some expectations that Russia could become a major hub for Bitcoin mining, driven by new crypto-related regulations, the government appears to have other objectives. According to Minister Tsivilev, Russia’s energy resources will first and foremost be focused on aiding the country’s social development programs.\nDuring the Eastern Economic Forum, which took place in Vladivostok, Tsivilev provided further clarification on this stance. He explained that energy surpluses from power plants could potentially be utilized by Bitcoin mining companies. These surpluses arise because power plants sometimes operate below their expected demand levels, which can negatively impact their performance and financial efficiency. In such situations, Bitcoin miners could step in to use the excess energy, thereby ensuring the plants continue to run at full capacity and improve their economic outcomes.\nConditions for Bitcoin Miners to Access Surplus Energy\nTsivilev elaborated that this surplus energy would be available to miners only under specific conditions. He stated,\n\nWhen there is a surplus, so that the stations work at full capacity, we are ready to give this surplus energy to miners. But on condition that only surplus energy. And again on condition that the miner must be legal.\n\nHis remarks emphasized the importance of Bitcoin miners operating in a fully legal manner, which includes being properly registered and paying taxes.\nThis focus on legality comes in response to the fact that many Bitcoin miners in Russia still operate within a “gray” zone. The government’s stance aims to bring more miners into a regulated framework, ensuring they comply with national laws.\nCryptocurrency Mining Law and Regional Restrictions\nIn August, President Vladimir Putin signed into law new regulations for cryptocurrency mining, officially bringing the activity out of the aforementioned “gray” zone. While this new law establishes a legal framework for crypto mining, it also gives the government the power to restrict mining activities in certain regions of Russia. These potential restrictions have sparked concerns within crypto-mining associations, as they fear such measures could lead to significant disruptions in their operations.\nDespite these regulatory changes, Tsivilev made it clear that Russia’s primary focus remains on social development and industrial growth, rather than on fostering a thriving Bitcoin mining industry. He concluded his comments by stressing that the country’s top priorities are “the social development program” and “the development of our industry.”\nIn summary, while Russia’s energy sector may have the potential to support Bitcoin mining, the government has placed its emphasis on using its resources for social and industrial progress. Surplus energy may be made available to Bitcoin miners, but only under strict legal conditions, ensuring that the nation’s broader development goals remain the central focus.\n\n#Russia Will Prioritize Supplying Power for Social Development Over #Bitcoin Mining https://t.co/YTTCViGgqP\n— Bitcoin.com News (@BTCTN) September 7, 2024\n\nPepe Unchained: A Layer 2 Solution and Meme Coin Project\nLaunched in June 2024, Pepe Unchained is making waves with its advanced Layer 2 technology, offering a significant improvement over traditional Ethereum-based projects. By leveraging Layer 2 scaling solutions, the project enhances transaction speeds up to 100 times faster than Ethereum and addresses issues like high fees and network congestion. This efficiency, combined with the popular Pepe meme theme, has attracted investor interest.\nFast and Efficient Transactions\nOne of Pepe Unchained’s standout features is its near-instant transaction finality, which allows traders to capitalize on market opportunities quickly. This eliminates delays or failed transactions, making the platform reliable for active users. Additionally, Pepe Unchained includes a dedicated block explorer for transparency, allowing users to track transactions seamlessly.\nMeme Coin Appeal and Presale Incentives\nWhile the technical advantages of Layer 2 are a major draw, Pepe Unchained also embraces its playful meme coin roots, appealing to a broad audience. The project’s presale offering includes a generous staking APY for early investors, further boosting participation. The PEPU token is priced at $0.008 at the time of writing, with an increase planned after each presale stage, following a tiered pricing structure.\nCommunity Support and Cross-Chain Functionality\nPepe Unchained enjoys strong backing from the crypto community and social media platforms, which adds to its credibility as a promising investment. Its seamless bridging between Ethereum and the Pepe Chain expands its cross-chain functionality, opening the door to more liquidity and broader interactions.\nIn conclusion, Pepe Unchained combines innovative Layer 2 technology with a fun, meme-driven identity. Its fast transactions, presale incentives, and cross-chain capabilities make it a project to watch, offering both technical efficiency and broad appeal.\n Visit Pepe Unchained Presale\nRelated News\n\nRussia’s Shift Toward Crypto Amid Sanctions\nRussian Authorities Push Crypto Regulations Decision to the End of the Year\nHamster Kombat Popularity Explodes As Russia, Uzbekistan And Ukraine Issue Warnings To Players\nNew Legal Frameworks to Enhance Cryptocurrency Use in Russian International Trade","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"Policy And Regulatory","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2465925296"}