The Energy Association and the Chamber of Commerce and Industry, against the backdrop of a discussion of the fate of cryptocurrencies and mining in Russia, made a proposal to solve problems with electricity and tax the mining of cryptocurrencies.
The Association of Guaranteed Suppliers and Energy Retail Companies sent a letter to the State Duma, in which it proposes to introduce the possibility of canceling the contract into the “Rules for technical connection”, prescribing the reasons for the refusal in federal law.
The association proposed to oblige Internet service providers to provide electricity suppliers with geolocation data of IP addresses of miners. Power engineers believe that it is necessary to write in the Housing and / or Civil Code liability for the use of electricity for non-communal needs (for example, cryptocurrency mining) and for refusing to provide a representative of the energy company with access to equipment. The penalty for violation, according to power engineers, should be prescribed in the Administrative Code.
Suppliers believe that the differentiation of local tariffs depending on consumption volumes will allow solving the issue of illegal mining. The association claims that unregistered mining of cryptocurrencies in private apartments and houses “affects the quality and reliability of electricity supply to consumers, since the household network is not designed for heavy loads.”
Energy experts believe that the activities of miners, which require significant energy costs, bring indirect losses to other consumers due to “cross-subsidization and overbalance volumes.” The association admits that it cannot provide data on the damage caused by “gray mining”, since energy consumption is taken into account in the aggregate for the entire population.
“It is possible to judge the commercial use of electricity by citizens, including for mining, based on the volume of consumption per household – much higher than the average level (for example, over 1500 kWh per month in the absence of electric heating).”
Utilities complain that outdated hardware prevents them from storing data, taking into account the hourly profile, and this makes it difficult to identify illegal mining farms. The association hopes that the situation will improve within 10-15 years after the modernization of the equipment.
Against the backdrop of a discussion of the fate of cryptocurrencies and mining in Russia, the chairman of the Chamber of Commerce and Industry Sergey Katyrin sent a letter to the Minister of Finance Anton Siluanov, where he proposes to remove mining from the “gray” zone:
“It seems necessary to significantly adjust the current legislation, as well as develop a number of new regulatory legal acts, which, among other things, will determine the legal status of mining as a type of entrepreneurial activity.”
Katyrin believes that licensing mining activities will ensure the payment of taxes and solve problems with the increased consumption of electricity by “gray miners”. In addition, the Chairman of the CCI suggests using the experience of other countries where cryptocurrencies are used for settlements, treating them as barter transactions.
Source: Bits
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
