Energy-oriented business houses in Russia are preparing to take a tough stance against mining operations conducted by private miners.
According to Izvestia, a media outlet, the Russian Authorities Knowledgeable Council has decided to put an end to the suggestions regarding mining operations in Russia.
The idea is to repackage the crypto space regulations, focusing on legalizing industrial crypto mining.
The Russian authorities plan to use electrical energy meters to identify suspect miners. Analysts will then study the readings using proper electrical energy via remote checking choices. Defaulters will be duly fined.
According to Dmitry Tortev, belonging to the Federal Antimonopoly Service, electrical energy suppliers are presently required to present evidentiary support for violations pertaining to cryptocurrency mining in a court of law. That consumes the time and resources of these corporations. However, the opposition to illicit cryptocurrency mining will be accelerated and heightened if a unified system for penalties is established at the federal level.
The general consensus among Russians is that cryptocurrency mining is undesirable, but the absence of regulations renders it devoid of legitimacy. In certain regions of the Irkutsk territory, such as the Irkutsk-Cheremkhovo district, there have been instances of insufficient supplies. The government has successfully targeted cryptocurrency mining areas that have limited energy alternatives during the bitterly frigid winter months. Irkutsk is progressively becoming a mining destination.
Pavel Snikkars, the Deputy Minister of Power, asserts that energy costs associated with mining operations should be escalated to incentivize miners to avoid areas with inadequate energy supplies with seriousness.
The ministry has already taken the initiative to release suggestions for lessening the stress quotient on overworked networks.