CandleFocus Russian authorities target rising home crypto mining operations
2024-10-30
Author: Content Editor
Russian authorities are cracking down on unauthorized home crypto mining operations. Law enforcement in Novosibirsk recently arrested a resident who allegedly exploited subsidized electricity to mine cryptocurrency, reportedly generating profits of over $123,000. This is part of a wider effort by Russian authorities to regulate and curb unregulated crypto mining, with further restrictions set to come into effect next month. The arrest in Novosibirsk highlights the government's tougher stance on unauthorized electricity use in home mining, and there have been similar instances of unauthorized crypto mining reported in other Siberian regions. Power providers are also ramping up efforts to identify and penalize unauthorized miners. Russia is considering a new tax on industrial-scale mining enterprises to integrate mining operations within a regulated framework.
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