Electricity

The growing popularity of mining cryptocurrencies is prompting people to join this burgeoning industry. On the other hand, such users can also easily fall victim to scammers.

The State Committee of Homeland Security of Kyrgyzstan discovered an illegal cryptocurrency mining facility in the home of an official from the energy sector.

On December 7, Icelandic utility Landsvirkjun decided to restrict energy supply to industrial companies such as aluminum plants and cryptocurrency miners. The reason for this move is a massive energy shortage.

The Russian Energy Ministry confirms that mining cryptocurrencies is not part of daily needs. Therefore, there is no way for miners to benefit from residential electricity rates.

Kazakhstan does not have enough energy capacity to meet the needs of the crypto mining industry. For this reason, many of them are fleeing to Russia and the US.

On November 17, the Russian Federal Security Service (FSB) raided the office of a suspected illegal cryptocurrency exchange in a business center in St. Petersburg.

Representatives of the Liberal Democratic Party of Russia plan to submit a draught law on the regulation of cryptocurrency mining. They also suggest setting up a working group with representatives of various government committees to discuss the issue.

Authorities in the city of Karaganda in Kazakhstan have discovered and liquidated a shadow mining farm that was illegally consuming electricity. The increasing activity of shadow miners could lead the country to ban the industry, following China's example.

In search of alternative energy sources, Russians are exploring the potential of oil fields in their search for alternative energy sources. Earlier this week, several of the largest local mining companies applied to the government for permission to build mining farms.