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HomeBTCMeasures proposed to Prevent Crypto Mining using residential electricity in Russia

Measures proposed to Prevent Crypto Mining using residential electricity in Russia

Since China began tightening down on the mining sector in May 2021, Russia's importance as a miner’s hotspot has increased significantly in the last year. Ordinary people, as well as corporations, have taken to mining to benefit from the disparity among high cryptocurrencies prices and cheap operational expenses in their respective countries.

The Russian organisation of energy providers and power utilities has produced suggestions to discourage amateur crypto mining as they use discounted residential electricity. This has now become a popular source of income for many Russians. Valery Seleznev, who is First Deputy Chairman of the Energy Committee, the lower house of parliament, has received a letter outlining the committee’s recommendations.

 

According to reports, the largest challenge is minting digital currency using inexpensive electricity in homes across Russia. It is also very difficult to fully measure the costs of this practice since it is difficult to determine the proportion of this consumption in the overall quantity of power used by the people in residential regions.

 

While Russia’s Central Bank has suggested banning mining and other crypto-related activity, other government organisations, including a number of ministry and regulatory agencies, support its legality.

The energy providers’ group has proposed a variety of solutions to the situation. It wants users to specify how they plan to use the electricity they purchased. It also wants internet providers to disclose the IP addresses of suspicious crypto miners with power companies.

Do you think there is crypto-minting potential in your area too? I mean, do you use subsidized electricity? Let us know by comments.

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