Irkutsk region outlines conditions for legalising mining

Cryptocurrency mining in Russia should be regulated to benefit business and the state. This was stated by Anatoly Nikitin, the Minister of Housing Policy and Energy of Priangarye, пишут local media.

According to him, uncontrolled mining creates risks of power-supply disruptions, which negatively affect the stability and quality of energy services for all groups of consumers.

“Cryptocurrency mining activity must be regulated so that it benefits both small business and the state. In particular, legal mining should bear the full costs of generation and grid maintenance,” Nikitin said.

He welcomed the prospects for Irkutsk Oblast to become a key global player in the field of digital financial assets, as the region has “the potential to mitigate the risks arising from the development of the crypto industry”.

As reported, the definition of mining and the basic mechanisms of its regulation are laid out in the Ministry of Finance’s draft «О цифровой валюте».

In February, the Ministry of Economic Development proposed allowing miners to operate in regions с устойчивым профицитом генерации электроэнергии and to introduce affordable tariffs for its use by companies. In turn, the Ministry of Energy advocated for региональные квоты на майнинг.

Earlier, it was stated that Irkutsk Oblast could become пилотным регионом for moving miners out of the “grey zone,” said State Duma deputy Anton Gorelkin.