Cryptocurrency

In a bold move to stabilize its energy grid, <a href="https://ultramining.com/news/en/russia-s-energy-ministry-charges-forward-to-legalize-crypto-mining/">Russia</a> is set to intensify its scrutiny on private cryptocurrency mining by leveraging remote monitoring technology. The Expert Council under the Russian government is advocating for a system where private miners' actual <a href="https://ultramining.com/news/en/minnesota-man-faces-accusations-of-electricity-theft-for-bitcoin-mining/">electricity</a> usage is compared against their reported figures. Detected discrepancies will trigger fines, calculated at higher industrial rates, to counteract the strain on local power supplies due to unauthorized mining activities, according to <a href="https://iz.ru/1693896/pavel-vikhrov-evgeniia-pertceva/vychti-iz-teni-v-rossii-khotiat-uzhestochit-kontrol-za-mainingom">Iz</a>. 
From May 16, the government will review a proposal aimed at addressing the energy disruptions, often caused by shadow miners in various regions. The plan involves imposing penalties based on the excessive electricity consumed, calculated at rates usually reserved for industrial enterprises. This shift is expected to deter the unofficial mining operations that significantly burden the residential electricity supply system, as explained by Dmitry Tortev, a member of the Expert Council. 
The issue is exacerbated by the cross-subsidization of electricity costs, where businesses compensate for lower residential rates, costing the industry approximately 300 billion rubles annually. The proposed measure not only aims to streamline the detection and penalization of energy abuses by shadow miners but also hopes to alleviate the financial load on legitimate businesses and stabilize regional energy demands.

Russia Ramps Up Regulation on Cryptocurrency Mining: A New Policy to Combat Shadow Operations

Ultramining_Eng

Other articles published on May 13, 2024

Alleged Hack at a Popular Cryptocurrency Exchange – ZachXBT Claims Millions of Dollars Could Be Lost

Dogecoin (DOGE) Joins GameStop-Induced Rally With 10% Surge

Trader Who Called Bonk’s (BONK) 2023 Bull Run Has ‘High Hopes’ for Rival With Under $100,000,000 ...

Notcoin crypto: Exchanges announce listing date, TON impacted as well

Bybit Web3 Announces Upcoming IDO for Thetanuts (NUTS) (13 May)

Why Grayscale Could Be The Spark ETH Needs: 10x Research

Join our free newsletter for daily crypto updates!