Russia’s Ministry of Economic Development proposed to set limits on electricity for miners

The department believes that it is necessary to impose a restriction on the use of electricity for individuals engaged in household mining

13.04.2022 - 08:20

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2 min

What’s new? The Ministry of Economic Development of the Russian Federation has prepared proposals on the regulation of cryptocurrencies and mining and sent them to the Ministry of Finance. This is reported by Gazeta.Ru, citing the department’s press service. The ministry proposes to impose a threshold on the use of electricity for individuals engaged in household mining. The department clarified that the details of the calculation are in development.

Gazeta.Ru’s material

What else does the Ministry of Economic Development propose? The ministry proposed to connect mining farms to power sources at reduced tariffs. The department indicated that such tariffs should be valid regardless of the point of connection. The Ministry of Economic Development also proposed allowing cryptocurrency mining activities in regions with a stable surplus of electricity: the Irkutsk, Murmansk, and Novosibirsk regions, the Khabarovsk, and Krasnoyarsk territories, and Khakassia. According to the department, this will remove the risks of insufficient power supply to housing and other social and industrial facilities.

What preceded it? Earlier, the Ministry of Industry and Trade and the Ministry of Construction sent proposals to the Government of the Russian Federation to establish an experimental legal regime for mining. On April 11, 2022, the Ministry of Energy of Russia supported the idea of legalizing mining. The department believes that miners should consume electricity at a tariff for “others” consumers, rather than at a preferential tariff for the population. On April 12, 2022, the head of the State Duma Committee on Financial Markets, Anatoly Aksakov, advocated access to mining only for legal entities. He believes that the cryptocurrency mining business should be regulated.

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