<a href="https://ultramining.com/news/en/russia-s-energy-ministry-charges-forward-to-legalize-crypto-mining/">Russia</a> is facing a growing issue of illegal crypto mining, known as "gray mining", which is being blamed for causing power outages in regions like <a href="https://ultramining.com/news/en/irkutsk-governor-calls-for-tighter-crypto-mining-regulations-amid-tax-shortfalls-and-energy-crisis/">Irkutsk</a> and Buryatia. Local energy companies report a 160% increase in <a href="https://ultramining.com/news/en/minnesota-man-faces-accusations-of-electricity-theft-for-bitcoin-mining/">electricity</a> consumption over the past year. 
"Gray miners" exploit low residential electricity tariffs, leading to grid overloads and emergency shutdowns. Experts estimate the damage from <a href="https://ultramining.com/news/en/abkhazia-intensifies-crackdown-on-illegal-crypto-mining/">illegal mining</a> at $200 million annually. 
Authorities plan to intensify control measures, introducing fines of up to $15,000 for unlawful mining activities. They are also considering blocking access to equipment and confiscating devices. These actions aim to stabilize the energy system and prevent an energy crisis.

Russia’s “Gray Mining” Causes Power Outages in Regions

Ultramining_Eng

Other articles published on Oct 7, 2024

21.co taps Crypto.com for Bitcoin liquidity services in partnership

Will Bitcoin Regain Its Strength? Here’s What a Financial Firm Expects!

Satoshi Nakamoto Identity Is Causing Excitement For Linked-Meme Coins

What’s Coming in the Crypto Market This Week? Here’s the Full List!

Top Crypto and Economic Events: October 7 – October 13, 2024

Cybro Takes Advantage on Avalanche (AVAX) and Chainlink (LINK) With Explosives Q4 Projections

Join our free newsletter for daily crypto updates!