Several Crypto Mining Operations Busted in Russia

March 19, 2023 Bitcoin.com

$POWER

Authorities and power utilities in various Russian regions have shut down illegal crypto mining farms, seizing hardware and taking operators to court. The action against the coin minting facilities comes amid discussions on a proposal to introduce criminal liability for miners breaking the upcoming legislation for the industry. ‘Underground’ Crypto Mining Farms Shut Down Across […]

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Biden Budget Proposal Targets Crypto Investors Using Like-Kind Exchange Provision; Plan Aims to Tax Crypto Miners 30%

March 10, 2023 Bitcoin.com

1031 exchange rule

On Thursday, the Biden administration released the U.S. president’s 182-page budget proposal for the fiscal year 2024, which aims to “grow the economy from the bottom up and middle out.” The budget includes an $835 billion increase in military spending, but the administration claims it will reduce the deficit by $3 trillion over the next […]

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At Least 1,000 Lawsuits Filed Against Crypto Miners in Russia’s Irkutsk Region

February 14, 2023 Bitcoin.com

$POWER

Authorities in the Russian region of Irkutsk have so far filed 1,000 lawsuits against what they call “gray” miners, or people minting coins in their homes. In over half of these cases, courts have ordered the defendants to compensate the operators of the distribution networks. Hundreds of Crypto Miners Sued in Irkutsk for Extracting Digital […]

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Daily Raids on Crypto Farms as Abkhazia Intensifies Mining Crackdown

February 12, 2023 Bitcoin.com

$POWER

Authorities in Abkhazia are stepping up efforts to clamp down on cryptocurrency mining amid electricity shortages in the winter months. The government of the breakaway Georgian region announced it’s also taking measures to prevent imports of mining equipment. Abkhazia Creates Headquarters to Combat Illegal Crypto Mining Operations Police in Abkhazia are conducting daily raids to […]

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Ban on Crypto Mining in Residential Areas Proposed in Russia

January 28, 2023 Bitcoin.com

amateur miners

Advisors to the Kremlin have suggested that home crypto mining should be banned in Russia, or in some of its regions. The stated motive for the proposal is to prevent fires in residential buildings. Amateur miners have been blamed for high loads on the grid causing breakdowns and blackouts. Energy Experts Want to Prohibit Mining […]

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Amid High Energy Demand From Miners, Russia Mulls Building New Power Plants in Siberia

January 1, 2023 Bitcoin.com

$POWER

Growing electricity consumption in the crypto mining sector may require the construction of new power generation facilities in Siberia, the energy minister of Russia has acknowledged. Demand continues to increase in residential areas as well, after regional authorities abandoned a proposal to introduce higher tariffs for Russians minting digital coins at their homes. Authorities in […]

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Challenging Year for Bitcoin Miners as Fewer BTC Mining Rigs Are Profitable at Current Prices

December 31, 2022 Bitcoin.com

Antminer

Bitcoin miners have had a challenging year as the network’s mining difficulty reached an all-time high and the spot market price of bitcoin dropped below the cost of production. Currently, with electricity costs at $0.07 per kilowatt-hour (kWh), only 18 application-specific integrated circuit (ASIC) bitcoin mining rigs are able to turn a profit at current […]

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Russia Cracking Down on Crypto Miners Minting in Residential Areas

December 14, 2022 Bitcoin.com

Ban

Russian authorities are now prosecuting miners extracting cryptocurrency using subsidized electricity for the population, according to a top official from the energy ministry. Power utilities are detecting their increased consumption and trying to make them pay at commercial rates. Amateur Crypto Miners in Russia Under Pressure Despite Lack of Regulation for Home Mining Electricity distribution […]

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Russia Expects Sizable Increase in Crypto Miners’ Share of Power Usage

December 8, 2022 Bitcoin.com

$POWER

The crypto mining industry may see a two-fold increase in its share of Russia’s power consumption in 2022, according to a high-ranking official from the Ministry of Energy. The department supports a bill designed to regulate the sector which is likely to be adopted this year. Russian Energy Ministry Forecasts Rise in Crypto Mining’s Electricity […]

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Manitoba Halts New Crypto Mining Projects Due to Expected High Energy Demand

December 1, 2022 Bitcoin.com

$POWER

Authorities in Manitoba are temporarily suspending the connection of new crypto mining facilities to the power grid. The Canadian province, which relies heavily on hydroelectric generation and attracts miners with low electricity rates, fears it may face overwhelming energy demand. Manitoba Suspends New Crypto Mining Operations Citing Possible Increase in Electricity Usage The government of […]

Electricity

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