Russia Proposes Using Sanctioned Gas Reserves for Crypto Mining

Russia is exploring ways to utilize its surplus natural gas, previously destined for Europe, to power cryptocurrency mining operations. Aleksey Chekunkov, head of Russia’s Ministry for the Development of the Far East and the Arctic, emphasized that mining farms should not strain the existing electricity grid. "You can mine using your own resources, using gas," Chekunkov stated. "We have a lot of gas that we used to sell to Europe. Now it’s in the ground. Please, install power plants and mine."

The move comes as Russia seeks to offset lost European energy markets due to sanctions. The country legalized and regulated crypto mining last year, but the industry has faced criticism for causing energy shortages in regions like Irkutsk Oblast. Seasonal mining bans have now become permanent in several territories, including the Caucasus and occupied Ukrainian lands.