A high-ranking representative of the Ministry of Finance in Moscow sees no point in banning crypto mining in Russian households as it would be hard to restrict the activity. The top official also revealed that the department is currently finalizing regulations for the mining sector as part of efforts to legalize Russia’s crypto space.
Cryptocurrency mining in basements and garages has become a popular income source for many ordinary Russians, especially in regions like Irkutsk where household electricity rates start at just $0.01 per kWh. Power consumption there four times last year and authorities believe the spike is largely due to mining hardware running in people’s homes and villas.Russian regions to determine electricity rates in residential areas locally. This will allow regional authorities and utility companies to introduce higher tariffs for household consumption exceeding certain thresholds.
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what is the purpose of this regulation? extra money in the budget?
This is a very wise decision. I think cryptocurrency will well alleviate Russia's inflation. More importantly, it will be of great help to Russia's economic reform. As long as no one wants to control the development of cryptocurrency, cryptos will create a brilliant future world.
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