Cryptocurrency

In a significant turn of events, <a href="https://ultramining.com/news/en/russia-s-energy-ministry-charges-forward-to-legalize-crypto-mining/" rel="noopener noreferrer nofollow">Russia</a>'s Energy Minister, Nikolai Shulginov, has voiced concerns over the current scenario surrounding cryptocurrency mining operations in <a href="https://ultramining.com/news/en/russia-s-energy-ministry-charges-forward-to-legalize-crypto-mining/" rel="noopener noreferrer nofollow">Russia</a>. The statement came during his interview at the Eastern Economic Forum in Vladivostok, according to <a href="https://1prime.ru/world/20230910/841702876.html" rel="noopener noreferrer nofollow">1prime</a>. 
Shulginov emphatically suggested that <a href="https://ultramining.com/news/en/cryptocurrency-miners-strike-gold-with-record-13-9b-net-profit/" rel="noopener noreferrer nofollow">cryptocurrency miners</a> should not enjoy non-discriminatory access to the country's power grids. This proposal aims to prioritize the power supply for essential facilities like industrial and social amenities, along with housing and utilities. The <a href="https://ultramining.com/news/en/hut-8s-q2-2023-a-bitcoin-mining-marvel/" rel="noopener noreferrer nofollow">crypto miners</a> have swiftly occupied a considerable part of the available grid capacity, leaving new consumers in a lurch. 
The existing rules stipulate the mandatory technical connection of any new load on the energy system. However, the swift rise in crypto mining operations hinders the connection of other significant sectors. Moreover, this issue is not confined to the energy-deficient areas but is a pan-Russian concern. Thus, the minister urged for a solution where <a href="https://ultramining.com/news/en/hut-8s-q2-2023-a-bitcoin-mining-marvel/" rel="noopener noreferrer nofollow">crypto miners</a> could operate in regions with surplus energy, post the legalization of this economic activity. 
The ongoing Eastern Economic Forum, running from 10th to 13th September 2023, serves as a platform for these crucial discussions. The Far Eastern Federal University (FEFU) campus in Vladivostok hosts the event, with RIA Novosti as the general information partner. 
Shulginov's proposal resonates with a need for reevaluation and restructuring of power grid access. A balanced approach will enable a harmonious development across various sectors, safeguarding the nation's energy security and fostering sustainable growth. 
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Energy Minister Advocates for Restructuring Cryptocurrency Mining Grid Access

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