Russia: Crypto miners use more electricity than farmers

Crypto miners now use more electricity than farmers, according to a new Moscow government survey. Now regulation is threatening.

Russia. According to a new government estimate, crypto miners already account for over 2% of electricity consumption. Therefore, the country’s Ministry of Industry wants to bring crypto mining out of the shadows in order to regulate it.

Activities of crypto miners should be clarified

Miners mining digital currencies are responsible for more than 2% of the total electricity consumption in the Russian Federation. Their activities need to be clarified and regulated, said Russian Deputy Industry and Trade Minister Vasily Shpak. At a forum organized by the ruling party United Russia, Shpak stated:

This is more than the cost of electricity for agriculture. In that sense, we can only recognize crypto mining as an industry.

krypto-mining

Cryptocurrency mining today is in a “grey area“. Don’t tax them in any way. It also harbors risks for those involved. This is what the government representative told the participants at the event dedicated to the development of blockchain technologies and the regulation of digital financial assets. Shpak is convinced that the industry must be brought out of the shadows and made transparent to the state.

Cut power consumption

Deputy Minister hopes that mining electricity consumption will be reduced in the future as the industry shifts to more efficient mining protocols. Still, it is evident that crypto mining rigs will continue to consume (lots of) electricity, Shpak told Interfax. He further emphasized:

Our position is absolutely clear. Mining must be recognized, regulated and established as an industrial activity.

Russian Central Bank calls for ban

Bitcoin mining is one of the main crypto activities that the Russian authorities are currently working to legalize, although the Bank of Russia is calling for a blanket ban on all such activities.

A corresponding draft law was submitted to the Russian Parliament at the end of April. The draft law was recently revised. Lawmakers withdrew a proposal to introduce a year-long tax and tariff amnesty for crypto miners.

Russia’s share fell in global comparison 4,66 %

Some officials in Moscow believe that Russia should develop the crypto sector. They point to its competitive advantages in terms of abundant energy resources and other favorable conditions. However, given the sanctions imposed by the West for invading Ukraine, Russian investors have also been sanctioned to prevent the country from circumventing the restrictions.

The share of Russia in the average monthly hash rate this year in the first few months even without a war has reached 4,66 Percent dropped.

Tarnkappe.info


About Lars Sobiraj6799

Lars Sobiraj started in 466 as a career changer for to work for various computer magazines. 150 numerous other online magazines were added in addition to gulli.com. He is the founder of Tarnkappe.info. In addition, Ghandy, as he calls himself in the scene, has been taking participants to various universities and training institutions since 2014. how the internet works.


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