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Report: Russian Officials Suggest Heavy Fines for Crypto Miners in Residential Areas

Russian officials have reportedly suggested implementing significant fines on individuals suspected of conducting cryptocurrency mining operations in residential buildings. This proposal is part of a broader effort to address the misuse of electricity in such settings.

Authorities are also considering amendments to the Code of Administrative Offenses to hold those who exploit electrical resources accountable.

Russian Officials Suggest Heavy Fines for Crypto Miners in Residential Areas

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Russian authorities have proposed significant fines for private cryptocurrency miners unlawfully connecting to the national grid. This measure aims to curb rising power outages and regulate electricity consumption. A government-appointed expert group has suggested imposing these fines on residential electricity consumers who exceed their allotted consumption, according to a recent report.

The proposal targets crypto miners operating from residential homes to reduce power disruptions in certain regions. The fines will be calculated using commercial rates typically designated for industrial businesses, ensuring a stringent penalty for those exploiting residential electricity.

Andrei Romanchuk, deputy head of the board of the association “Reliable Partner,” is advocating for tools to prevent “grey mining” by Russian engineers. Romanchuk stated that authorities might amend the Code of Administrative Offenses to hold individuals accountable for electricity misuse.

Sergey Bezdelov, director of the Association of Industrial Mining, supports measures to legitimize and expand industrial mining in Russia. “We support any policies that allow for the expansion of industrial mining in the country. We would include checks from sales companies among them. They will help to legitimize this market in Russia,” Bezdelov stated.

While recognizing the economic importance of cryptocurrency mining, officials like Romanchuk believe that regulating this sector will benefit Russia more comprehensively.

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Arslan Butt
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Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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