Soon Russian crypto miners will face high electricity charges

The officials of the Russian federation permitted the local electricity suppliers to increase the rate of electricity cost. 

Russia is a country where crypto is a legal asset to trade but not allowed to use for payment purposes. However, the trading is legal in Russia but Russian government officials don’t want any kind of circulation and surged in cryptocurrencies adoption. For this, they are doing their best to bring new guidelines to slow down the adoption and growth of this industry in the Russian Federation. 

The latest reports confirmed that the electricity department will increase the cost of electricity prices. And this will significantly impact the crypto mining firms, which are active in Russia. 

According to the report of  Russian business daily Kommersant, private consumers of electricity will pay higher rates over the threshold. 

That means a particular range is now set by the electric supplier’s officials department. And if any company/consumer will use electricity more than the threshold made for the consumers, then that they will have to pay more electricity cost rate. 

Right now the threshold is 150kWh fixed per month, any private consumer is able to get electricity at a low cost below the consumption of electricity less than 150kWh. 

The Federal Antimonopoly Service and the Ministry of Energy said that new rules and policies in electricity consumption will bring a better way to provide low-cost electricity to Russian citizens and also it will prohibit the misuse of electricity.

According to reports and data records of 2020, it was found that average consumption of electricity per household in Russia was around 250kWh per month. But now in the present time, more than 40% of the households are consuming more than 600kWh of electricity per month.

According to reports, these types of increasing electricity use by the homes are because of running crypto mining machines at home. And people are generating revenue with domestic use of electricity. This year, more than 85 lawsuits have been filed against such kinds of home crypto mining activities. 

Read also: Coti is closer to launch Cardano backed Djed Stabelcoin