Russia’s largest crypto mining industry association, the Industrial Mining Association (APM), has expressed strong opposition to the Russian Ministry of Energy’s plans to increase electricity tariffs for miners. The ministry proposes a two to fivefold increase in tariffs, aiming to discourage miners from setting up operations in remote regions. The APM argues that legalizing the sector and allowing power companies to charge higher, unsubsidized rates would be a more effective solution. The association warns that the proposed tariff hike would force miners into a “gray zone” of semi-illegality, potentially undermining Russia’s position as a global leader in crypto mining. APM Director Sergei Bezdelov contends that the proposal violates anti-monopoly legislation and could make industrial mining unprofitable, leading to an increase in illegal mining activities. The conflict over electricity tariffs for crypto miners in Russia underscores the challenges of regulating the rapidly growing industry. While the ministry aims to address concerns about energy depletion and infrastructure strain, the APM emphasizes the need for balanced regulation to sustain the crypto mining sector’s growth. The global competition in the crypto mining market adds complexity to the situation, with countries vying for leadership positions. (Source: Cryptonews)
