Cryptocurrency is the most significant turnaround of the 21 st century. Everybody wants to be a part of it. Crypto mining is the start to all of it. Over the past year, electricity suppliers in the Russian province of Irkutsk have witnessed a massive surge in power usage. The residents are blaming crypto mining companies.
The power consumption has increased fourfold. The planes carrying crypto mining equipment from China continue to reach Russia, although China is banned. The cryptocurrency energy consumption has made blackouts common, and the load on the power grid shows no signs of abatement.
The most profitable crypto to mine is Bitcoin. The increase in people leaning towards crypto mining is due to the high crypto prices and China's ban over it. Over the months, Russia has witnessed cargo planes carrying crypto equipment from China no longer used. The Russians set up their mines in farms at their homes. The people who set up crypto mining keep paying their energy bills at household tariffs, which are very low compared to commercial rates.
With the recent nationwide investigation to get hold of crypto mining companies in China. Russia has been serving as a base. A study by Cambridge has revealed that Russia is third in terms of mining capacity.
Crypto mining is popular in Russia because it is profitable and serves people's additional income. People are constantly in search of mining the most profitable crypto. The legal standpoint of this crypto mining is yet to reach a consensus. Most Moscow officials are in favor of considering it as a commercial activity. This will enable the government to raise tax slabs and electricity rates. However, electricity suppliers are up for halting home miners as it puts an immense load on the power grid and is challenging to cope with the increasing demand.