EU Carbon Taxes Push Bitcoin Mining to Russia, Study Claims

A recent study finds that EU carbon pricing has increased operational costs for Bitcoin miners, prompting a measurable shift of mining capacity toward Russia where electricity prices and carbon charges are lower. The migration risks concentrating a larger share of global hashpower in Russia and may increase emissions if miners rely on carbon-intensive generation. For Bitcoin, this geographic concentration heightens geopolitical and centralization risks to network security and could influence market sentiment and regulatory responses.