In Russia, some crypto miners go underground - literally

Russia’s southern republic of Dagestan has referred to as for harder measures towards energy-hungry cryptocurrency miners who native officers mentioned had been inflicting electricity outages and in search of to evade the regulation by constructing mining installations underground.

Miners of digital cash have come underneath scrutiny the world over in recent times as a result of the computing energy wanted to resolve the advanced puzzles entails specialised {hardware} which operates across the clock and guzzles electrical energy.

Dagestan’s native prime minister, Abdulmuslim Abdulmuslimov, mentioned that the authorities wanted to pay extra consideration to unlawful crypto mining after a substation hearth within the capital was brought on by a spike in consumption on account of crypto miners.

“The homeowners of unlawful cryptocurrency mining installations are developing with new strategies of ‘circumventing’ the regulation – they set up mining farms underground,” Abdulmuslimov mentioned.

Dagestan’s authorities launched footage displaying investigators inspecting a crypto mining set up in a makeshift underground cavern with dozens of followers to chill the computer systems.

Cryptocurrency mining laws, signed by President Vladimir Putin, will come into impact underneath sure circumstances from Nov. 1, 2024. A particular register will probably be maintained by the finance ministry for corporations participating in cryptocurrency mining. People mining digital currencies should present sure data to Russia’s monetary monitoring regulator.

In Russia, some crypto miners go underground – literally m.economictimes.com 2024-09-24 19:55:15

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