Putin warns of power shortages due to crypto mining
Russian President Vladimir Putin on Wednesday warned against the "uncontrolled increase" in energy consumption for "mining" crypto currencies. Indeed, power shortages are looming in certain Russian regions, Putin warned.
When producing new crypto coins, computers perform long series of mathematical calculations and that process requires a lot of energy. Russia is one of the main producers of crypto, along with the United States and Kazakhstan.
Across Russia, cryptomining already accounts for 1.5 per cent of power consumption and that figure keeps rising.
(SR for Tagtik/Source: Daily News - Reuters/Illustration picture: Pixabay)
