The share of crypto miners in Russia’s power consumption structure already exceeds 2%, according to a new government estimate. On this backdrop, the country’s industry ministry believes it’s time to bring the sector out of the shadows and regulate it.
Crypto Miners Burn More Electricity Than Russian Farmers
Miners extracting digital currencies account for more than 2% of the total volume of electricity consumed in the Russian Federation and their activities need to be “whitewashed” and regulated, Russia’s Deputy Minister of Industry and Trade Vasily Shpak stated. Speaking at a forum organized by the ruling United Russia party, Shpak elaborated:
This is more than the cost of electricity for agriculture. In this sense, we cannot but recognize mining as an industry.
Cryptocurrency mining is now in the “gray zone,” it’s not taxed in any way and creates risks for those involved in it, the government official noted during the event devoted to the development of blockchain
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