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The Moscow Federal Government has allowed regions to determine local electricity bills for local residents. This measure will affect households’ encryption mining. Russian household electricity subsidies are usually used to mint digital currency in basements and garages.
Russian regions approved to increase household mining costs
Since local authorities are allowed to restrict the supply of electricity at preferential prices, Russians mining cryptocurrency at home may expect higher electricity bills. This move comes after local utility companies demanded the power to set a threshold for the amount of subsidized electricity available to ordinary people, while complaining about the spread of cryptocurrency mining in residential areas.
According to the Russian Business Daily, private customers will have to pay more for consumption that exceeds these thresholds. The new pricing scheme has not been adopted in most regions of Russia, with the exception of Crimea, where cheap electricity has been limited to 150 kWh per month. The Federal Antimonopoly Service and the Department of Energy have assured that the new policy is aimed at curbing “inappropriate energy consumption” and should not increase the spending of most consumers.
The electricity bills of Russian households are regulated by the state, making them far below the economically reasonable level. Electricity companies make up for the difference by increasing corporate rates. According to data from the Russian energy market regulator, by 2021, the company is expected to pay more than 240 billion rubles (close to 3.3 billion US dollars) to fund this “cross subsidy”.
According to estimates quoted by Kommersant, the average monthly electricity consumption per household in the Russian Federation was about 250 kWh last year. Today, approximately 40% of households in apartment buildings consume more than 600 kWh per month.
The recent amendment to the federal government decree will provide all other regions and the annexed Crimea with the option of introducing differentiated electricity prices. These changes took place after power distribution companies and authorities in Irkutsk Oblast complained about the rapid increase in the number of encrypted farms in residential buildings.
When the average electricity price in Russia is 4.25 rubles (almost US$0.06), the cost of household electricity in Irkutsk is only 0.86 rubles (US$0.01) per kilowatt-hour. In early December, the media reported that Irkutskenergosbyt, a local power company, Archive There were 85 lawsuits against home miners this year.
Mining is one of several encryption-related activities, but it still falls outside the scope of the “digital financial assets” law, which in January conducted partial supervision of the Russian encryption field.Voices among Moscow officials are getting louder make out Treat it as a business activity and tax it. This will also allow utility companies to charge miners more of the energy needed to mint digital coins.One working team Set at State Duma The first meeting was held recently to discuss the regulations of mining and other sectors in the crypto industry.
Do you expect the Russian region to increase the price of electricity for cryptocurrency miners? Tell us in the comments section below.
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