Russian Ministry Wants to Let Crypto Miners Have Surplus Electricity
Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...
The Russian Ministry of Energy says it is “ready” to grant crypto miners access to surplus electricity “capacity” as the nation’s crypto pivot continues.
Per TASS, the Russian Energy Minister Sergei Tsivilev explained the ministry’s plans on September 5. He was speaking on the sidelines of the Eastern Economic Forum in Vladivostok.
Tsivilev claimed that fostering the crypto mining sector was “not a priority” for the Russian government.
But he stated that it would be “beneficial” for miners and power providers alike to allow “legal” players to use surplus power.
“When power plants are operating at full capacity, we are ready to give this surplus energy to miners – but only surplus energy. The miners in question must be legal, and they must pay taxes.”
Tsivilev said that miners would be able to use this opportunity to leave the unregulated “gray zone.”
He underlined that only “legal” miners signed up to a government-curated registry would be eligible to receive the energy in this manner.
However, the minister’s comments appear to suggest that while miners would need to pay taxes on the coins the mine with surplus energy, they may be asked to pay only a nominal amount for the electricity.
“In the case of a surplus […], a power station can operate at 100% capacity. Thus, the economy of the station improves, the Treasury gets tax revenue, and people pay for electricity. It is a beneficial situation for everyone.”
Russian Energy Minister Sergei Tsivilev
Tsivilev explained that “socially significant facilities” and Russian industry “remain
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