Miners in Russia consume more electricity than all agriculture

Russian miners consume almost 2% of the country's electricity, the deputy head saidMinpromtorg Vasily Shpak. This means that the issue of regulating this market is already very acute.

«Do you know how much mining accounts for in the overall map of electrical generation in our country? And I’ll tell you: more than 2%».

 

“This is more than the cost of electricity forAgriculture. We cannot but recognize mining in this sense as an industrial or industry activity,” Shpak said during a speech at the United Russia discussion platform on the development of blockchain technologies and the regulation of digital financial assets.

Cryptocurrency mining is still in grayzone of regulation, it is high time to “whitewash” this activity, regulate it, make it understandable and transparent for the state, the official believes. Shpak turned out to be aware of different types of algorithms for reaching consensus in blockchain services and stands his ground: it is necessary to regulate the industry, otherwise there will be a mess:

“Yes, most likely for mining in the near futureless energy will be spent in general, because the world is moving in terms of digital currencies to other protocols, less expensive, on which bitcoin is now mined. But, nevertheless, it is obvious that these are calculations, one way or another they will consume energy, this activity is technological. Here our position is absolutely unambiguous: mining must be recognized, regulated and built into industrial activity, ”said the deputy head of the Ministry of Industry and Trade.

This week the lower house of parliament wassent another bill on cryptocurrency mining in Russia. The previous version of the document has been withdrawn. The deputies warn that citizens of the Russian Federation “have opened more than 12 million cryptocurrency wallets, and the amount of funds in the wallets is about 10 trillion rubles,” and due to the lack of legal regulation tools in the field of digital currencies, citizens are faced with fraud and cannot protect their interests.

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