News Russia May Ban Bitcoin Mining In Residential Homes Over...

Russia May Ban Bitcoin Mining In Residential Homes Over Electricity Costs, Heating

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Russia is considering a ban on Bitcoin mining in private homes, despite electricity companies holding talks on giving miners spare capacity.

According to Russia Today and local news outlet RIA Novosti, the governmental Informational Democracy Fund will recommend banning participation in mining pools from private addresses at an upcoming meeting of a working group on Internet growth.

“Anything [mining-related] that continues inside the country is a waste of electricity,” RIA quotes the Fund’s president Ilya Massukh as saying.

“It’s somewhat doubtful in terms of efficiency for the Russian economy.”

Russia continues to prevent mixed signals on cryptocurrency and Blockchain regulation. Last week, Cointelegraph reported that the country’s two major electricity giants were discussing options for miners to use spare capacity at 70 sites for Bitcoin mining purposes.

At the same time, an organization co-founded by Russia’s Internet ombudsman is attempting to raise $100 mln to fund a major mining project which ostensibly aims to take market share away from China, which has higher electricity costs.

Alleged hazards

Massukh meanwhile alluded to alleged safety hazards involved in private mining of Bitcoin, including regular “ventilation systems being unable to mitigate the heat generated” by the necessary equipment.

His words mimic security concerns of a different kind voiced by finance ministry deputy Alexey Moiseev, who last month recommended a complete ban on cryptocurrency sales to “ordinary people” who were not “qualified” to handle it.

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Russia May Ban Bitcoin Mining In Residential Homes Over Electricity Costs, Heating
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