Russia’s Anti-Monopoly Agency Proposes Higher Electricity Rates for Home Crypto Miners – Mining Bitcoin News

The anti-monopoly service of Russia has suggested that Russians minting digital currencies at their homes should pay more for the spent electrical energy. The proposal comes after the submission of a bill tailored to regulate cryptocurrency mining to the Russian parliament.Russia’s Federal Anti-monopoly Service has designed a scheme to charge amateur crypto miners increased rates for the electricity they use.

Authorities in the Russian Federation maintain differentiated electricity tariffs depending on the status and location of consumers, the Rossiyskaya Gazeta daily explains in an article. Businesses subsidize household prices through their own tariffs, which can be up to two times higher than the rates for the general population.

Private consumers often try to exploit their low rates to earn money by powering anything from car repair shops to woodworking shops, the Community of Energy Consumers association notes. As a result, grids in residential areas are overloaded as they are not designed to cope with the excessive power usage, which has alsoThe FAS now wants to introduce a threshold for electricity consumption, above which higher rates will be imposed.

Each Russian region will be able to set the amount of electricity that will be supplied at preferential rates, taking into account factors such as power usage for heating in the cold months and the length of the heating season, the FAS pointed out.

The introduction of differentiated tariffs is expected to reduce interest in mining and other ways of earning at the expense of subsidized household electricity. The agency hopes the new approach can also lower production costs for businesses calculated in the prices of their goods and services, ultimately suppressing inflation.on cryptocurrency mining. The legislation aims to regulate the industry in the country, which is rich in cheap energy resources and favorable climatic conditions.

Source: Digital Coin News (digitalcoinnews.net)

Another stupid policy that will hurt Russia in the long run by punishing a highly productive industry.

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....Anti monopoly agency....? Weird thing for them to ask for isn't it?

Guys, we need to tell everyone about this!

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