The decision comes as authorities in Moscow prepare to address the lack of proper regulations for cryptocurrency mining, which has become a popular source of income in Russia.The city court in Syktyvkar, capital of the Russian Komi Republic, has found a 39-year-old local resident who was operating an underground crypto farm guilty of electricity theft. The hardware was installed in a building rented from an industrial enterprise and illegally connected to the nearby transformer station.
The man ran the mining facility for at least five years, using 1.3 million kilowatt-hours of unpaid electricity to mint digital currencies, the region’s Prosecutor’s Office said in a press release published on Tuesday. The stolen electricity is worth an estimated 5.7 million Russian rubles .
In the absence of government-adopted rules, crypto mining has been spreading across energy-rich Russia, not only as a profitable business but also as an additional income source for many ordinary people. In some regions, local authorities have complained that the rise of mining in basements and garages has caused damage to the electrical network which is struggling to meet the growing loads.
In Irkutsk Oblast, which maintains some of the lowest electricity rates in Russia, at $0.01 per kWh for households, a power utility has 85 lawsuits this year against home miners. A recent report revealed the company had already won nine cases from which it expects to receive 18.7 million rubles in compensation.
I wonder how much bitcoin he mined, if the power fee is so huge?
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I wonder if they confiscated the cryptocurrency he was mining?
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He just wanted to save some money on the electricity bill give him a break
All this are bearish news
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