Russian energy companies are preparing to track down cryptocurrency miners and take tough action against those mining digital assets at home, according to a report published on May 12.
The Russian media agency Izvestia said that the Russian government's expert council is preparing to send proposals for new laws related to mining to the Council of Ministers, and lawmakers would like to compile the proposed measures into a package of new laws related to digital currencies. These laws aim to legislate crypto mining by companies while prohibiting... Most local trading platforms.
Russian energy companies track down violators in the crypto mining sector
The Russian Information Agency indicated that the Council will send written proposals - seen by its correspondents - to the Council of Ministers on May 16, and these documents propose using electricity meter technology to identify suspected mining people. Data analysts will “compare the displayed readings with actual electricity consumption” using “remote verification solutions.”
The document also made clear that energy companies would fine violating miners, and proposed allowing energy companies to impose “higher prices” on violators who mine at home than are typically imposed on “industrial projects.”
Giving energy companies greater powers
In the same context, Dmitry Tortev from the Russian Federal Antimonopoly Service told the agency that this step will allow energy providers to act without having to go through the complexities of the legal system. Dmitry said:
It is noteworthy that crypto mining is widespread in Russia, and because the legal status of these activities has not been determined currently, digital currency mining cannot be considered legal or illegal, as Russian law does not prohibit individual crypto mining, and energy companies cannot currently intervene unless they suspect Individuals steal power from local networks
Energy providers say systems are overloaded
According to the Russian Information Agency, the documents indicate that the Russian energy system is suffering from “overloads” in several regions, which, according to the documents’ authors, has caused “interruptions in the supply of electricity to consumers.” According to the agency, the document stated:
Energy providers say systems are overloaded
According to the Russian Information Agency, the documents indicate that the Russian energy system is suffering from “overloads” in several regions, which, according to the documents’ authors, has caused “interruptions in the supply of electricity to consumers.” According to the agency, the document stated:
Izvestia news agency quoted Deputy Energy Minister Pavel Snikkars as saying: “Energy prices for miners must be increased in order to push them away from areas suffering from energy shortages.”
It is noteworthy that the Ministry previously presented proposals to reduce pressure on networks with excessive loads, including requiring mining companies to close their platforms for certain periods annually. Although this proposal caused concern for most miners, most mining companies want Moscow to “accelerate” and give legitimacy to the sector. .
Although this may mean having to start paying taxes on mining profits, major companies want legal clarification from Moscow before increasing their data center-related investments.
