Many nations seem to be stricter towards digital assets miners, and most recently the power provider in Siberia has an illegal mining farm operating on their own property.
The prosecutor’s office based in Irkutsk Region posted on VK, elaborating that an unnamed Irkutsk-based “electric grid supply organization” is identified guilty of “illegally providing a plot of land” to digital asset miners.
The office further quotes that it has fined the land providing land with 330 thousand rubble and has also censored the firm.
It is worth noting that the crackdown on digital asset mining sectors has surged significantly in the past few quarters. The primary reason is the crisis faced by the region as miners use huge amounts of energy for mining operations.
The regulators of the region have continued keenly monitoring the digital asset space and regulated services and products. As per experts the mining industry is solely dependent on energy consumption and demanding energy at lower prices.
In Russia, the market of cryptocurrencies is comparatively smaller than that in the United States, but the market is growing at a greater pace than ever before.
Russia remains crypto-optimistic!
In terms of individual crypto holdings Russia holds an appreciable position however India is at the top of the list. It is worth noting that Russia hasn’t legalized crypto but there reportedly are some businesses in the nation that accept crypto as payment.
As per available information, there are dozens of millionaires and billionaires based in Russia, some of them rank as the richest in the nation.
The Russian government has prohibited cryptocurrency mining in ten areas in an effort to balance energy use while taking business demands into consideration.
The issue stems from a possible electrical deficit that could not be able to supply all of the industry’s needs in some parts of Russia.
Crypto Market Price Updates
As of writing the cryptocurrency market capitalization was $3.24 percent with an intraday decline of 1.36 percent at the same time Bitcoin was trading at $93,710 with a decline of 1.97 percent in the past 24 hours.
Since the past few days, a coldness has been seen in the wider crypto market and major crypto bleeding averages 5 percent in a week.
Over the past 24 hours, the total volume of the crypto market has increased by 33.31% to $105.21B. At the moment, DeFi’s total volume is $8.32 billion, or 7.91% of the 24-hour volume of the whole crypto market.
The total volume of all stable currencies is $97.35 billion, or 92.52% of the 24-hour volume of the crypto market; the current dominance of Bitcoin is 56.50%.