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Russia and Belarus to adopt higher electricity rates for crypto miners

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Crypto miners might undergo tough times in Belarus and Russia, owing to increased electrical costs. These countries’ regulatory bodies are taking action to separate cryptocurrency miners from regular electricity users. As a consequence, these individuals would be refused subsidized power. According to Bitcoin.com, it will trigger the introduction of varied electricity pricing for firms engaged in crypto mining. Nikolay Shulginov, Russia’s energy minister, made the announcement official through news agencies. The main argument of the Russian authorities is that household electricity and commercial electricity should not be charged the same. As a consequence of increased consumption by the crypto mining sector, other domestic and non-domestic sectors might face power shortages and outages.

The government of Belarus has also stated similar reasons for this decision. In Belarus, cryptocurrency now is a part of the same tariff group as data centers. This rule was brought into effect from 14th October. While on the surface it seems like a piece of bad news for crypto miners, there is an underlying ray of hope. In Russia, crypto regulations are not very clear. Belarus has legalized crypto since 2018, but even there the regulatory framework is not clear. Bringing crypto mining under an official list of commercial activities means official recognition as well. It goes on to show how authorities around the world are taking cryptocurrency seriously. Many countries like Sri Lanka are forming special committees to understand and implement crypto. If things move forward at this pace, we can soon see cryptocurrency become an official concern of governments.

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