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February 01, 2023, 01:39:09 AM |
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It appears that there might be more than the normal energy consumption happening in some residential areas of Russia hehehe. It would not be very shocking if there are people tapping other residents' electricity to mine cryptocoins. In any case, if the government begins a full mining crackdown, I reckon illegal mining will certainly be unavoidable for the survival of coins mined through proof of work. The Energy Committee of the State Council, an advisory body to the Russian president, has recommended imposing a ban on the minting of digital currencies in residential areas. Its members believe the measure will reduce fire hazards, local media reported.
The idea is to completely prohibit the production of cryptocurrencies in apartment blocks and houses in the country, or at least in parts of Russia experiencing energy deficits. Among them are Moscow and the Moscow Oblast, the region adjacent to the Russian capital.
The crypto-related activity, which is a source of additional income for many ordinary Russians, especially in places with access to cheap electricity, is not regulated yet. A bill tailored to do that is currently under review in the State Duma, the lower house of Russian parliament.Read in full https://news.bitcoin.com/ban-on-crypto-mining-in-residential-areas-proposed-in-russia/
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takuma sato
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February 01, 2023, 01:58:52 AM |
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Not surprised since in Russia you can get arrested for protesting holding a blank piece of paper. Russia would be a great place for mining since the temp is ideal and could be reused as heating. However Putin wouldn't like a currency that would lower rubble usage. Wasn't crypto banned in Russia several times already? I remember such headlines from 2014.
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LeGaulois
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February 01, 2023, 04:06:17 PM |
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Is that a joke? I mean, they want to forbidden crypto currencies mining in Russia, but want to provide electricity to crypto mining farms in Kazakhstan. Moscow is reportedly showing its newfound appreciation of cryptocurrencies in other ways. It is planning to provide electricity to power-hunger crypto mining farms in neighboring Kazakhstan, with the power monopoly Inter RAO dealing directly with companies in the former Soviet republic, Bitcoin.com cited Russian business-information portal RBCRY as saying. I'm aware Putin approved some months ago a law to ban crypto to pay for goods and services but bureaucrats are fighting each other. The central bank want to ban, but the government want to regulate it instead. Nowadays, it makes sense to think twice about this ban. Especially for cross-borders transactions, since Russia is blocked here and there with sanctions. And it's perhaps what they're doing since for exemple, they plan to make a cryptocurrenciy based on gold to trade with Iran in 2024. (I'm so lazy to post a source, sorry) I've seen pro russians collecting funds to finance the war on Telegram. And of course, using crypto... Double standarts, no for the population, yes for the fight.
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bbc.reporter (OP)
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February 02, 2023, 01:15:35 AM |
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@LeGaulois. The skeptical me is thinking that the government of Russia is discouraging the spreading of the thought that anyone can mine cryptocoins and be liberated from the captivity of traditional finance. The government clearly wants everyone to first ask permission from them first before you can do anything and only be granted permission through the issuance of licenses if they like you hehe.
Similar to other illegal businesses that make more profit than their legal counterparts, this would only cause illegal mining to expand more quickly.
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Lucius
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February 02, 2023, 12:06:53 PM |
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To be honest, it has already become quite boring and tiring to read news like this, because no matter how much some people think that a country should regulate in one way or another or not everything that has to do with cryptocurrencies, in that story Russia is something that should not be given too much attention. That country is far from being friendly towards anything that represents decentralization, and Bitcoin as a currency for them is nothing but a form of threat that needs to be fought against. In addition, the laws can only be a dead letter if the majority do not respect them, and we know that crypto mining is still present in China regardless of the complete ban, as well as that according to the information of some people from the forum, people in Turkey use cryptocurrencies for payment ( public) although the use of the same is prohibited by law.
~snip~ Double standarts, no for the population, yes for the fight.
Those at the top are powerful enough to always adjust the situation to their advantage, and systems that are absolutely centralized and corrupt to the core will never allow anyone or anything to threaten them. I am personally surprised that Russia has not already declared Bitcoin a Nazi tool considering how many donations the country that they want to liberate from the Nazis has received through it.
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bbc.reporter (OP)
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February 04, 2023, 02:03:28 AM |
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To be honest, it has already become quite boring and tiring to read news like this, because no matter how much some people think that a country should regulate in one way or another or not everything that has to do with cryptocurrencies, in that story Russia is something that should not be given too much attention. That country is far from being friendly towards anything that represents decentralization, and Bitcoin as a currency for them is nothing but a form of threat that needs to be fought against.
In addition, the laws can only be a dead letter if the majority do not respect them, and we know that crypto mining is still present in China regardless of the complete ban, as well as that according to the information of some people from the forum, people in Turkey use cryptocurrencies for payment ( public) although the use of the same is prohibited by law.
I disagree. I reckon following the development of the cryptospace in places where strict regulations are imposed and with politicians and who are not friendly towards anything that represents decentralization is where more of our attentiveness should be. This is very much similar to China and the communist party. The communist party has banned mining, however, there are rumors that illegal miners are presently operating. I do not support illegal activity, however, it can be argued that illegal mining is important for bitcoin to survive if governments begin a crackdown against all of the cryptospace.
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Kakmakr
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February 04, 2023, 06:13:48 AM |
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I am not too surprised by this decision, because the Russians are experiencing an energy crisis and they want to concentrate on the war.. and not on struggling to keep the lights on. ![Roll Eyes](https://bitcointalk.org/Smileys/default/rolleyes.gif) Also, in some of these areas .. the Russian government are subsidizing electricity and with the war dragging on... funding for this is declining, because most of the money are being used to fund the war. ![Tongue](https://bitcointalk.org/Smileys/default/tongue.gif)
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Lucius
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February 04, 2023, 11:51:16 AM |
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~snip~
It may be important for people living in China or Russia, but if we look globally, decentralization in BTC mining has always been one of the issues that arose in discussions. Before, the problem was China and the assumptions that more than 50% of hash power comes from there, and today about 35% allegedly comes from the US, while China allegedly still holds about 20%, which again means that two countries control more than 50%. Of course, anyone anywhere in the world can try to mine BTC and I have nothing against that, but I don't think we should worry too much about what Russia or any other country will say on the subject. In addition, illegal mining on a larger level will not go unnoticed anywhere, so in the case of some global bans, I would not place my hopes on it being our back-up plan.
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bbc.reporter (OP)
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February 06, 2023, 01:23:04 AM |
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~snip~
It may be important for people living in China or Russia, but if we look globally, decentralization in BTC mining has always been one of the issues that arose in discussions. Before, the problem was China and the assumptions that more than 50% of hash power comes from there, and today about 35% allegedly comes from the US, while China allegedly still holds about 20%, which again means that two countries control more than 50%. Of course, anyone anywhere in the world can try to mine BTC and I have nothing against that, but I don't think we should worry too much about what Russia or any other country will say on the subject. In addition, illegal mining on a larger level will not go unnoticed anywhere, so in the case of some global bans, I would not place my hopes on it being our back-up plan. I would have disagree again because what Russia and China has said on the subject can become worldwide where everyone cooperates to crackdown on bitcoin mining and have it shutdown permanently. The government can cancel crypto mining licenses, increase taxes, force energy companies to not to serve cryptominers or similar to Russia begin banning it for residents. What would be cryptomining's other option if it is not through illegal mining?
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February 08, 2023, 10:55:13 AM |
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Electricity prices in Russia: In Irkutsk, the cheapest prices are $0.021. The price in Moscow is $0.075. I do not think that mining in Moscow is profitable, because in the USA prices are cheaper for large companies.A lot of people work in this area, and if this is banned, then no one can assess the consequences, so Russia still has no clear laws on mining and cryptocurrency.
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Argoo
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March 20, 2023, 05:37:25 AM |
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I am not too surprised by this decision, because the Russians are experiencing an energy crisis and they want to concentrate on the war.. and not on struggling to keep the lights on. ![Roll Eyes](https://bitcointalk.org/Smileys/default/rolleyes.gif) Also, in some of these areas .. the Russian government are subsidizing electricity and with the war dragging on... funding for this is declining, because most of the money are being used to fund the war. ![Tongue](https://bitcointalk.org/Smileys/default/tongue.gif) Yes, Putin's Russia made a big mistake by launching a military invasion of Ukraine and miscalculated its strength. As it turned out, Putin was counting on a quick conquest of Ukraine, so they were not preparing for a long war there. Now Russia has driven itself into a dead end. They cannot admit defeat in Ukraine and withdraw their troops there, since at the same time this will mean the collapse of the Putin regime. The costs of the war are rising, incomes are falling, and not only because of the sanctions. The largest exporter of energy resources is itself forced to use energy economically. But the situation has developed in such a way that any subsequent steps will only worsen the economic condition of Russia. Therefore, the cryptocurrency in it will be on the verge of a ban.
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