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Russia’s Anti-Monopoly Agency Proposes Higher Electricity Rates For Home Crypto Miners

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Russia’s Anti-Monopoly Agency Proposes Higher Electricity Rates For Home Crypto Miners

The anti-monopoly service of Russia has suggested that Russians minting digital currencies at their homes should pay more for the spent electrical energy. The proposal comes after the submission of a bill tailored to regulate cryptocurrency mining to the Russian parliament.

Russian Miners Using Household Electricity Should Pay Higher Bills, Anti-Monopoly Body Says

Russia’s Federal Anti-monopoly Service (FAS) has designed a scheme to charge amateur crypto miners increased rates for the electricity they use. The agency insists its approach to solving the problem with rising consumption in residential areas, due in part to the growing popularity of mining, can reduce the load on the electrical networks.

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Authorities in the Russian Federation maintain differentiated electricity tariffs depending on the status and location of consumers, the Rossiyskaya Gazeta daily explains in an article. Businesses subsidize household prices through their own tariffs, which can be up to two times higher than the rates for the general population.

Private consumers often try to exploit their low rates to earn money by powering anything from car repair shops to woodworking shops, the Community of Energy Consumers association notes. As a result, grids in residential areas are overloaded as they are not designed to cope with the excessive power usage, which has also spiked due to home mining.

The FAS now wants to introduce a threshold for electricity consumption, above which higher rates will be imposed. Thus, according to the anti-monopoly service, household needs will be separated from commercial ones. The consumption of various household appliances, including those with increased power usage like air conditioning units, will be accounted for.

Each Russian region will be able to set the amount of electricity that will be supplied at preferential rates, taking into account factors such as power usage for heating in the cold months and the length of the heating season, the FAS pointed out. In December, the federal government allowed regional authorities to independently determine the local electricity tariffs.

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Power supply networks in the residential areas of many regions with historically low electricity prices, such as Irkutsk Oblast, Krasnoyarsk Krai, and Dagestan, have suffered breakdowns due to the spread of improvised crypto mining farms minting coins in basements and garages.

The introduction of differentiated tariffs is expected to reduce interest in mining and other ways of earning at the expense of subsidized household electricity. The agency hopes the new approach can also lower production costs for businesses calculated in the prices of their goods and services, ultimately suppressing inflation.

The proposal comes as Russian lawmakers are reviewing a new draft law on cryptocurrency mining. The legislation aims to regulate the industry in the country, which is rich in cheap energy resources and favorable climatic conditions. Its competitive advantages can potentially turn Russia into a global mining leader, officials have acknowledged.

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agency, bitcoin farms, Bitcoin Miners, Bitcoin mining, body, consumption, Crypto, crypto farms, crypto miners, crypto mining, Cryptocurrencies, Cryptocurrency, Electricity, Home Miners, Miners, mining, power, pricing, rates, Russia, russian, scheme, tariffs

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What are your thoughts on the new electricity pricing that will affect crypto miners in Russia? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Georgians Sell Russian Regions As NFTs To Raise Money For Ukraine

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Georgians Sell Russian Regions As NFTs To Raise Money For Ukraine

A tech innovations firm based in Georgia’s capital Tbilisi is now “selling Russia piece by piece” in the form of NFTs. The money from the collectibles, representing almost 2,500 Russian regions, will be used to help rebuild Ukraine, which was invaded by the Russian army two months ago.

Georgian Project Auctions NFTs of Russian Land, Will Soon Offer the Kremlin

Leavingstone, a digital creative agency from Georgia, has joined efforts to raise funds for Ukraine, which has been defending against Russian military aggression for eight weeks. The company is now selling non-fungible tokens (NFTs) representing parts of Russian territory.

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In the first of three planned phases of the ‘Russia for Sale’ initiative, Leavingstone is auctioning off 2,443 regions of the Russian Federation depicted on playing cards with name, size, and a “weirdly authentic coat of arms.” An interactive map offers the parcels to potential buyers and with 34 already sold, over $19,000 worth of ether has been accumulated so far.

“We saw a huge potential in it,” Leavingstone co-founder Levan Lefsveridze told the Georgian service of Radio Free Europe. “The majority of people would want to be involved in Russia’s partition,” he added, in a clear attempt to troll Russian President Vladimir Putin and his government who have threatened to punish any calls for violating Russia’s territorial integrity.

During the next stage of the sale, the Georgian agency will offer NFTs of Russian landmarks like the Kremlin, the Ostankino TV Tower in Moscow, Putin’s winter palace and home, a property worth close to an estimated $1 billion, and a bunker. “If you’re into the post-soviet aesthetic of Khrushchyovka architecture, you’ll like it,” the organizers tease investors.

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The third sale, they promise, is going to be a big one. “We’ll be auctioning Lenin himself. Yep. Stuffed granddaddy of the red revolution will be up for sale!” the project’s website pledges. Its operators emphasize that all the proceeds will be devoted to supporting Ukraine.

The main beneficiary is the Ministry of Digital Transformation in Kyiv and all collected funds will be transferred to its wallet. Among other responsibilities, the department has been taking care of Ukraine’s defense in the cyberspace, another battleground in the conflict with Russia.

Ukrainian government institutions and volunteer groups have received tens of millions of dollars’ worth of cryptocurrency donations since Moscow launched its military assault in the early hours of Feb. 24. The money is used to fund Ukraine’s defense efforts and solve mounting humanitarian problems.

Moscow’s invasion of Ukraine came eight years after Russia annexed Crimea and gave support for the pro-Russian separatists in the Donbas region. Georgia has had its own problems with the same neighbor. Russia backed separatists in Abkhazia in 1992 and then prevented the Georgian government from retaking the territory of another breakaway republic, South Ossetia.

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You can support Ukrainian families, children, refugees, and displaced people by donating BTC, ETH, and BNB to Binance Charity’s Ukraine Emergency Relief Fund.

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agency, campaign, collectibles, conflict, Crypto, Cryptocurrencies, Cryptocurrency, donations, Funds, Georgia, Georgian, Georgians, initiative, invasion, Land, Leavingstone, nft, NFTs, project, regions, Russia, russian, sale, Tokens, Ukraine, ukrainian, War

Do you expect other, similar initiatives in the crypto space in support of Ukraine and its people? Tell us in the comments section below.

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Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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South Korean Intelligence Service Informs Crypto Exchanges About Cyberthreats

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South Korean Intelligence Service Informs Crypto Exchanges About Cyberthreats

The South Korean state intelligence agency is now providing crypto trading platforms with information about attempts to breach their cybersecurity. The help for the country’s digital asset exchanges comes amid growing threats, local media reported.

Intelligence Service Offers Cybersecurity Assistance to Major South Korean Crypto Exchanges

South Korea’s National Intelligence Service (NIS) has started to alert the country’s major cryptocurrency exchanges about hacking attempts as threats of this nature are on the rise, the Yonhap news agency reported, quoting an announcement on Thursday.

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Upbit, Bithumb, Korbit and Coinone, the four leading Korean coin trading platforms, have been granted real-time access to available information on online security threats. The data features the Internet Protocol (IP) addresses associated with hacking attacks, the intelligence agency detailed.

Cyberthreats are being identified in both the public and the private sector, NIS noted, pointing out that they are directly related to the national security of the Republic of Korea. The service emphasized the importance of tackling such threats and revealed:

In the future, we plan to provide and share more specialized information, including the latest malicious codes and hacking methods related to virtual assets.

Cryptocurrency exchanges, along with financial institutions, have been a prime target for hackers allegedly controlled by North Korea. According to a United Nations report produced by independent sanctions monitors and submitted to the Security Council in early February, cyberattacks on the coin trading platforms remain a major source of funds for the Democratic People’s Republic of Korea (DPRK).

“DPRK cyberactors stole more than $50 million between 2020 and mid-2021 from at least three cryptocurrency exchanges in North America, Europe and Asia,” the authors said. They also quoted the blockchain forensics firm Chainalysis which estimated that Pyongyang had appropriated close to $400 million in digital assets through attacks on several crypto companies last year.

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agency, Crypto, crypto assets, crypto exchanges, Cryptocurrencies, Cryptocurrency, cyberattacks, cybersecurity, cyberthreats, data, Digital Assets, Exchanges, Hackers, Hacks, Information, Intelligence, korea, korean, NIS, north korea, service, South Korea, south korean

Do you think the support provided by South Korea’s intelligence agency will help crypto exchanges prevent cyberattacks? Share your thoughts on the subject in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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