Russia’s Energy Ministry Mulls Compullsory Registry for Crypto Mining Equipment

Russia’s Energy Ministry Mulls Compullsory Registry for Crypto Mining Equipment

Russia is planning to increase its oversight on crypto mining in the country, in order to improve the government’s control’s control over compliance with bans on crypto mining in some regions. The ministry of energy is consider the creation of a formal, mandatory registry to identify crypto mining equipment and maintain a single register of crypto mining equipmment.

This Initiative Cold Prevent The overconsumption of Electricity Required to Facilitate Crypto Mining Operations, What Restricting these activities in aree Osed by Deputy Minister of Energy Yevgeny Grabchak, Russia’s State-Owned Publication Tass Reported Earlier This week. “The fundamental task is to optimise the mechanisms for identifying mining activities. It is important to adapt the law to formulate clearer Criteria for Classifying Activities Specifically as the Production of Digital Currency, “The Russian Ministry Said in the Report.an Iting russia’s federal tax service (FNS) also Claim that Russian Taxpayers Involved In Crypto Mining Businesses Can Now Declare their Crypto Earnings Through their Personal Accounts.crypto Mining is the Task of Generating New Tokens of Cryptocurrencies LIKCOINCONCONCON Of-Work (Pow) Algorithms on Advanced Computers. The process is infamous for massive energy consumption, that disrupts the power supply in regions where mining of crypto assets is carried out.russia ideante t the time, grabchak called for the elimination of legal vacuum to regulate The activity. In 2023, Russia emerged as the second-largest crypto mining region in the world, just behind the us.the countery has imposed a ban on crypto mining activities in Al -Balkaria, and Karachay-CHERKESSIAM . The ban went live on January 1, and will extend up to March 15, 2031. In green mining, crypto miners Ain Problems, and Gray Mining schemes may still be preserved. (tagstotranslate) Russia energy ministry crypto miner equipment registry cryptocurrency

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