• Home
    • Bitcoin News
    • Ethereum News
    • Scam News
    • Regulation News
    • Mining News
    • CBDC News
    • NFT News
  • Blockchain News
    • Web3.0
    • Metaverse
    • DeFi
  • New to Crypto?
  • Press Release
    • Sponsored
    • Advertise at Todayq News
Facebook Twitter Instagram
Todayq News
  • News
    • Bitcoin
    • Ethereum
    • Scam
    • Regulation
    • CBDC
    • Mining
    • NFT
  • Blockchain
    • Web3.0
    • Metaverse
    • DeFi
  • New to Crypto
  • Press Release
    • Sponsored
    • Advertise at Todayq News
Crypto Trading Experts
Twitter Facebook Instagram LinkedIn
Todayq News
News

Russia wants to bar its citizens from using its cheap household electricity for Crypto mining

By Om Labde14 December 2022, 09:52 PM
Russia wants to bar its citizens from using its cheap household electricity for Crypto mining

According to Pavel Snikkars, deputy minister of energy, electricity distribution firms in Russia have begun to notice improvised mining crypto farms in residential buildings due to increased energy usage and heavier system loads at substations. 

A government official stated that “illegal miners” are the target of the authorities’ hunt. Energy providers can demonstrate in court that these customers are not using the electricity for home purposes. It is not fair since crypto mining has no set of regulations and such activities are not yet specifically prohibited.

According to attorneys contacted by the newspaper, suppliers have been successful in forcing home miners to make up the difference between the discounted prices for the general public and the higher rates that businesses are compelled to pay in at least 10 cases so far. 

Snikkars added that the utilities would initially send an inspector to investigate and issue a fresh invoice based on the cost of electricity used for commercial purposes when rising power consumption raises their suspicions. They might eventually try to support their accusations in court.

One of the first to address the problem in 2021 was Irkutskenergosbyt, the electricity distributor in the energy-dense area of Irkutsk known as “the mining capital of Russia.” Crypto miners in the Siberian region, where prices start at just $0.01 per kWh in rural areas, reportedly paid 100 million rubles (about $1.7 million at the time) in fines, according to a story from August of this year. 

Snikkars revealed last week that Russia anticipates a significant growth in the proportion of cryptocurrency miners in its overall electrical power consumption. Additionally, he emphasized that at-home mining is a significant issue in some regions where the infrastructure cannot support the loads, and energy companies have been taking steps to ensure consistent supplies.

According to Oleg Ogienko, director for government relations at Bitriver, one of Russia’s major mining farm operators, Russian crypto mining uses roughly 1.7 GW of electricity, of which 50–60% is used in the industrial sector of the market. 

In order to benefit from the nation’s competitive advantages for business, such as inexpensive energy supplies and cool climate conditions, the Russian government wants to legalize and regulate mining as one of the crypto-related industries.

Crypto Illegal mining Mining Russia
Share. Facebook Twitter LinkedIn Telegram WhatsApp Reddit
Must Read

Crypto exit scams surpass DeFi exploits in May; over $45 million losses compared to $17 million

Central Banks of Hong Kong and UAE to work on Crypto regulation and fintech development

US debt ceiling bill removes the Crypto tax; receives bipartisan support

Instagram
Recently CryptoQuant, an on-chain analytics firm, published insights on Bitcoin’s supply and investor sentiment for May 2023. The firm revealed that the exchange reserves have significantly declined as the investor’s holding sentiment has continued to grow.
In a significant development for the world’s leading cryptocurrency, Bitcoin, long-term holders (LTHs) have reached an all-time high, now holding a staggering 78% of the total circulating supply.
In a recent development, Bitcoin miners have been observed moving their assets, which could potentially trigger further selling pressure if these assets are liquidated.
According to a recent report, Turkey recorded the highest growth in crypto ownership from 2021 to 2022. Reportedly the crypto ownership in Turkey has marked a splendid 27.1% increase from July-September 2021 to July-September 2022.
Company
  • About Us
  • Careers
  • Terms & Conditions
  • Privacy Policy
Products
  • Crypto Signals
  • Todayq News
  • Koinpr
  • Todayq Education
Support

Advertise

Email: news@todayq.com

Connect With Us
  • Twitter
  • Facebook
  • Instagram
  • LinkedIn
All rights reserved by Todayq Technologies Private Limited

Type above and press Enter to search. Press Esc to cancel.