Russian region struggles to keep up with Bitcoin mining energy demands
A local energy distributor is working to recover about $800,000 from illicit cryptocurrency miners in Irkutsk Oblast. As cryptocurrency mining activity grows increasingly common in Russia, one local region is struggling to maintain power stability amid massive inflows of new crypto mining operations.Russia’s Irkutsk Oblast, a federal region and Russia’s major center of trade routes from China, experienced a fourfold increase in energy consumption in 2021 due to mining activities, local news agency TASS reported on Wednesday.Yevgeny Vechkanov, head of technology and development at the local....
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The industry organization of Russian energy suppliers has come up with ideas on how to combat cryptocurrency mining in homes, basements and garages. The association believes the phenomenon is the main issue with mining in Russia as authorities prepare to legalize it.
Suppliers Move Against Mining With Cheap Electricity
The Russian association of energy suppliers and power utilities has prepared proposals to curb amateur crypto mining with subsidized household electricity, which has become a popular income source for many Russians. A letter listing its recommendations has been....
Russia’s Irkutsk region saw its energy consumption rates surge by 160% following China’s crackdown on crypto mining. The Russian Ministry of Energy is looking to introduce special electricity tariffs for cryptocurrency miners following migration of the industry into the country from nearby China.Russian Energy Minister Nikolai Shulginov announced Wednesday that the authority is working on a new framework to differentiate tariffs between general usage and cryptocurrency mining, local news agency RBC reported Oct. 13.Shulginov said that cryptocurrency miners in Russia should not consume....
The legal vacuum in the crypto mining sector must be filled “as soon as possible,” according to a statement by Russian Deputy Minister of Energy Evgeniy Grabchak. The government official also called for introducing regional quotas for crypto farms instead of regulating their business at the federal level.
Russian Official Proposes Regional Energy Quotas for Crypto Miners
Cryptocurrency mining needs to be regulated soon, Evgeniy Grabchak insisted during Russia’s first national conference of legal bitcoin miners, held recently in Irkutsk. The Siberian oblast,....
The proposal aims to recognize crypto mining as a commercial activity and introduce taxes on its realized profits. Amid the Russian government continuing working out a regulatory regime for digital assets, a federal ministry has made another proposal regarding the crypto mining industry.Russia’s Ministry of Economic Development has greenlighted the concept of crypto mining regulation in the country, proposing to allow mining operations in areas with “sustainable surplus in electricity generation,” local news agency Izvestia reported Tuesday.As part of the proposal, the ministry suggested....
At what point will greening crypto energy consumption be enough? En+ Group, the world’s top producer of low-carbon aluminum and the largest private-sector generator of hydropower, has entered its first crypto mining joint venture.The new venture, called Bit+, will focus on creating facilities that support crypto mining with a low carbon footprint. En+ Group’s partner in Bit+ is the Russian company BitRiver, which provides hosting services and turnkey solutions for large-scale, institutional crypto mining operations.BitRiver currently operates the largest data center offering colocation....