Russia and Belarus to adopt differentiated rates for crypto-mining activities



Cryptocurrency miners in Belarus and Russia will now be subjected to higher electricity tariffs. The governments in these countries are taking steps to segregate cryptocurrency miners from other power consuming groups. As a result, subsidized power would be denied to these groups. This will lead to the adoption of differentiated electricity rates for entities engaged in crypto mining activities, Bitcoin.com reports. Russian Energy Minister, Nikolay Shulginov told a news agency that crypto miners should not pay the electricity tariffs at the same rate as households. Shulginov stressed the following points on the need and ways for differentiating electricity rates for miners : Miners should not be allowed to take advantage of preferential tariffs. It is necessary to exclude the electricity consumption by miners from the household rate to maintain the reliability and quality of power supply. Shulginov stated the aforementioned in the aftermath of increased load on the power grid of Irkutsk Oblast, and high risks of break-down at local power plants due to illegal crypto mining in the region, Bitcoin.com reported. Irkutsk, in Eastern Siberia has the lowest power tariffs in Russia at less than $ 0.02. The total power consumption in the region in the last 4 years was 5.9 billion kWh but 4.7 billion kWh power was consumed in the first half of 2021 itself due to crypto mining. Irkutsk governor, Igor Kobzev proposed to recognize digital currency mining as an entrepreneurial activity to introduce special power rates for it. In Belarus, cryptocurrency mining activity has been classified in the same electricity tariff group as data centres according to a directive issued by the Ministry of Energy and Ministry of Anti-Monopoly on October 14. Besides data centres, information services and data processing activities will also come in this group if their annual electricity consumption is at least 25 million kWh. Belarus legalized crypto mining and other crypto-related activities in March 2018. Russia and Belarus maintain strong political and economic relationships. For the latest crypto news and investment tips, follow our Cryptocurrency page and for live cryptocurrency price updates, click here.



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