Russian Energy Firms Prepares to ‘Hunt’ Private Crypto Miners

Russian energy companies are preparing to crack down on private crypto miners and take action against those mining cryptoassets at home, according to a report from Izvestia. The Russian Government Expert Council is said to be sending new mining-related proposals to the Cabinet, aimed at legalizing industrial crypto mining and banning most domestic exchanges. The proposals include using electricity meter technology to identify suspected miners and allowing power companies to charge home-based offenders at higher rates typically reserved for industrial enterprises. The move would give power providers the ability to act without going through the legal system. The documents also state that the Russian energy system is “overloaded” in many areas, resulting in interruptions in the supply of electricity to consumers. The authors suggest that the increase in electrical energy consumption, often due to mining loads, has led to local deficits in certain regions. The Deputy Minister of Energy, Pavel Snikkars, proposes increasing energy tariffs for miners in order to encourage them to move away from energy-deficient areas. The industrial mining sector in Russia is pushing for legalization and welcomes inspections by power providers to bring legitimacy to the sector.