Russian Authorities Propose Steep Fines for Crypto Miners Operating in Residential Apartments – Mining Bitcoin News

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Russian Authorities Propose Steep Fines for Crypto Miners Operating in Residential Apartments – Mining Bitcoin News
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Russian authorities have reportedly proposed to impose hefty fines on suspected crypto miners operating from residential properties. Authorities may also consider including amendments to the Code of Administrative Offenses which imposes liability on those misusing electricity.

Proposed Measures Aimed at Curbing Rising Power Outage Cases

Authorities in Russia have signaled their intention to pursue private crypto miners who are illegally tapping into the national grid. According to a report, a government-appointed expert council has proposed hefty fines for domestic electricity users who exceed their declared consumption.

The report suggests that authorities have proposed a plan to target crypto miners operating from residential properties to curb power outages occurring in certain regions of the country. The report reveals that the imposed fines will be calculated using commercial rates normally reserved for industrial enterprises.

In the same report, Andrei Romanchuk, deputy chairman of the board of the Association “Reliable Partner,” is quoted touting tools that Russian engineers can use to combat “grey mining.” Romanchuk also revealed that Russian authorities may consider including amendments to the Code of Administrative Offenses which imposes liability on those misusing electricity.

Minergate

Meanwhile, Sergey Bezdelov, director of the Association of Industrial Mining, is quoted in the report sharing his association’s vision for cryptocurrency mining in Russia.

“We are positive towards any measures aimed at creating conditions for the development of industrial mining in the country. We would include checks by sales companies among them. They will help to legitimize this market in Russia,” Bezdelov said.

While the importance of crypto mining to the Russian economy is well articulated, officials like Romanchuk believe their country would benefit more from it by regulating this activity.

What are your thoughts on this story? Let us know what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.














Image Credits: Shutterstock, Pixabay, Wiki Commons

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