Coin Gabbar Token

Authorities in the energy-rich Russian province of Irkutsk fined crypto miners this year for illegally using electricity for minting digital currency. According to a report quoting prosecutors, power utilities have also filed hundreds of cases.Mining cryptocurrency has become a viable industry for several companies in Russia’s energy-rich areas, as well as an alternative source of income for regular Russians. Despite the relatively low commercial electricity costs, many individuals have been persuaded to mint digital currency using cheaper domestic electricity or even stolen energy.Authorities in Irkutsk, a Siberian region with rich energy resources and rates as low as $0.01 per kWh in rural areas, have begun cracking down on illicit mining activities. The latter has allegedly caused a surge in consumption in both residential and industrial regions, resulting in frequent breakdowns and outages throughout the region.This year alone, local power distribution companies have filed 400 cases against miners who illegally used subsidized electricity meant for the populace or illegally connected their devices to the grid.In the meanwhile, courts have imposed fines of about 100 million rubles (around $1.7 million at the time of writing). According to a January report, the Irkutskenergosbyt utility alone attempted to recover 63 million rubles (almost $800,000) from unlicensed miners.“During recent raids, more than 9,000 mining machinery units were dismantled and removed from the Baikalsk thermal power plant and the town of Ust-Ordynsky,” according to the regional Prosecutor’s Office. They also noted that “shutting down the underground mining facilities will prevent accidents at the heat supply facility.”Mining is one of the crypto-related activities that have yet to receive comprehensive regulation in Russia, with many officials in Moscow agreeing that it should be recognized as an industrial activity and taxed accordingly, citing Russia’s competitive advantages such as cheap energy and a pleasant climate. In March, the Russian Ministry of Energy pushed for its immediate legalization and proposed regional energy quotas for miners.On the other hand, at-home mining is a phenomenon that the Russian government wishes to limit. While a finance ministry official stated this spring that the government sees no point in attempting to outright ban it. Additionally, an industry association of power suppliers proposed measures to limit mining in basements and garages, and the country’s anti-monopoly agency proposed <a href="https://www.coingabbar.com/en/crypto-currency-news-english/iranian-authorities-seized-thousands-crypto-mining-devices-since-march-2" rel="noopener noreferrer nofollow">raising electricity rates for amateur crypto miners.</a>Get more crypto related update:-<a href="https://www.coingabbar.com/en/crypto-news-english" rel="noopener noreferrer nofollow"> https://www.coingabbar.com/en/crypto-news-english</a>

Top Cryptocurrency News: Crypto Miners in Russia’s Irkutsk Region Fined Almost $1.7M This Year

Coingabbar

Other articles published on Aug 25, 2022

Strategic Partnership Announcement: DJINN Guild x MH Audits

Vitalik: People continue to "underrate" the advantages of crypto payment.

Tether Requests More Clarity Regarding Tornado Cash Wallets

Bug Bounty Program for Ethereum Jump by 4x Before Upgrade to Merge

WILL NFTS REPLACE MONEY IN THE COMING FUTURE?

After 86 million votes in favour, the Uniswap Foundation becomes a reality.

Join our free newsletter for daily crypto updates!