One of Russia's Largest Companies Is Preparing to Enter the Bitcoin (BTC) Industry! Here Are the Details…

Russia's largest state power grid company, Rosseti, is planning to get into Bitcoin (BTC) mining.

Russia’s largest energy supplier Rosseti plans to introduce Bitcoin mining in order to improve the use of idle electricity resources, increase the load on power supply centers, grow the company’s electricity revenue and improve the local economy and taxation, local news agency TASS reported.

Accordingly, Rosseti said in his statement that the company will serve as an operator coordinating the deployment of crypto mining infrastructure and will focus on power supply centers with low energy usage rates.

According to the report, Rosseti CEO Andrei Reyumin wrote a letter to Russian Prime Minister Mikhail Mishustin asking for approval to coordinate the deployment of mining centers in various regions.

The company claims that crypto mining will not only improve the utilization of idle capacity, but also increase the grid load and tariff revenue, thereby stimulating Russia's economic development and tax growth.

Russia signed a ban last December that will be implemented starting from 2025. Accordingly, Russia banned cryptocurrency mining in 10 regions starting from the new year in order to prevent power outages.

Accordingly, cryptocurrency mining will be completely banned in 10 Russian regions for six years, starting from January 1, 2025, and the ban is planned to be valid until March 15, 2031.

*This is not investment advice.