Russia’s Anti-Monopoly Agency Proposes Higher Electricity Rates for Home Crypto Miners – Mining Bitcoin News

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Russia’s Anti-monopoly Agency Proposes Higher Electricity Rates for Home Crypto Miners
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Russia’s antitrust agency has suggested that Russians who mint digital currency at home should pay more for used electricity. The proposal comes after a bill aimed at regulating cryptocurrency mining was presented to the Russian parliament.

Antitrust agency says Russian miners should pay higher bills for home electricity

Russia’s Federal Antimonopoly Service (FAS) has devised a scheme to charge amateur crypto miners higher electricity rates. The agency is sticking to its approach to addressing rising consumption in residential areas, in part due to the growing popularity of mining, which can reduce the load on the grid.

In an article, the Russian daily explained that the authorities of the Russian Federation maintain different electricity prices according to the status and location of consumers. Businesses subsidize household prices through their own tariffs, which can be twice as high as the general population’s rate.

The Energy Consumers Association points out that private consumers often try to take advantage of their low interest rates to make money by powering anything from auto repair shops to woodworking shops. As a result, grids in residential areas are overloaded because they were not designed to deal with the overuse of electricity that has also spiked due to home mining.

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FAS now wants to introduce electricity consumption thresholds above which higher rates will be levied. Therefore, household needs will be separated from business needs, according to antitrust services. The consumption of various household appliances will be calculated, including those with increased power consumption such as air conditioners.

Each region of Russia will be able to set the amount of electricity supplied at preferential prices, taking into account factors such as heating electricity consumption in the colder months and the length of the heating season, FAS noted. In December, the federal government allowed local authorities to independently set local electricity prices.

The electricity supply network of residential areas in many regions with historically low electricity prices, such as Irkutsk Oblast, Krasnoyarsk Krai and Dagestan, has suffered due to the popularity of makeshift crypto mining farms that mint coins in basements and garages. Fault.

The introduction of differentiated tariffs is expected to reduce interest in mining and other means of income at the expense of subsidizing household electricity. The agency hopes the new approach will also lower production costs for businesses in terms of the price of goods and services, ultimately curbing inflation.

The proposal comes as Russian lawmakers are reviewing a new draft law on cryptocurrency mining. The legislation aims to regulate the industry in the country, which has abundant cheap energy and favourable climatic conditions. Officials acknowledge that its competitive advantage has the potential to make Russia a global mining leader.

tags in this story

institution, bitcoin farm, bitcoin miner, bitcoin mining, body, consumption, crypto, crypto farm, crypto miner, crypto mining, cryptocurrency, cryptocurrency, electricity, home miner, miner, mining, power, pricing, rates , Russia, Russian, plan, tariff

What are your thoughts on the new electricity prices that will affect Russian crypto miners? Let us know in the comments section below.

Lubomir Tasev

Lubomir Tassev, a journalist from tech-savvy Eastern Europe, likes Hitchens’ famous quote: “Being a writer is who I am, not what I do.” Beyond crypto, blockchain and fintech, international politics and The economy is two other sources of inspiration.

Image credits: Shutterstock, Pixabay, Wiki Commons

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