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Russia’s Latest Push: No Crypto Mining in Residential Areas!

Looks like the Kremlin’s advisors are trying to put a damper on the party for all you crypto-miners out there in Russia! They’re suggesting that home crypto-mining should be banned in certain regions, with the excuse being that it’s causing fires in residential buildings. Apparently, amateur miners have been causing too much of a strain on the grid, resulting in blackouts and breakdowns.

But don’t worry, crypto-enthusiasts, the Energy Committee of the State Council is only recommending the ban, not enforcing it just yet. They want to prohibit the minting of digital currencies in residential areas to prevent fires and protect the grid. Moscow and the Moscow Oblast are among the regions that are experiencing energy deficits and might be affected by the ban.

What’s the Government’s Take On This?

The government is also thinking about granting regional authorities the power to impose additional taxes on crypto-mining. And if that wasn’t enough, a bill to regulate crypto-mining is currently being reviewed in the State Duma, the lower house of the Russian parliament.

But let’s be real, who wants to mine crypto in an apartment building or a house when you can set up a crypto farm in your basement or garage? Especially when you have access to cheap electricity like in Irkutsk Oblast, which has become a hotspot for home mining in Russia, taking advantage of the low electricity rates that are subsidized for the population.

But the fun might be over soon as mining hardware has been found at the places of 23 fires in the region during the first half of 2022 alone, according to media reports. So, miners, be careful and don’t burn down the house while you’re getting rich!