The Ministry of Economic Development proposed to reduce electricity tariffs for mining companies – Bits Media

The Ministry of Economic Development proposed to allow the mining of cryptocurrencies in regions with surplus energy generation and provide mining companies with more favorable electricity tariffs.

As reported by Izvestia, Permission for mining in regions with a sustainable excess of electricity generation will allow for the utilization of these surpluses and will help economic development. At the same time, in regions with a lack of energy generation, the situation will not be aggravated by consumption by miners.

Officials propose to make connecting mining centers to local substations and energy sources cheaper. Besides, The Ministry of Economic Development proposed to recognize the extraction of cryptocurrencies as a commercial activity and levy taxes upon the withdrawal of cryptocurrencies into fiat money.

Interesting, that it is proposed to set a threshold for the use of electricity for individuals. If this threshold is exceeded, an investigation will be conducted, and, in case of detection of mining equipment, higher electricity tariffs will be set for consumers.

Earlier, the State Duma sent proposals to the Russian government to regulate mining and combat illegal mining of cryptocurrency. MPs propose allowing electricity suppliers to restrict unregistered cryptocurrency miners' access to networks.