๐ฅ RUSSIA CRACKS DOWN ON ILLEGAL CRYPTO MINING! ๐ฅ
๐ท๐บ Russian lawmakers introduce tough new fines for illegal crypto mining:
โก Individuals:
First offense: 100Kโ150K RUB (~$1,000โ$1,500)
Repeat offense: 1Mโ1.5M RUB (~$10Kโ$15K)
๐ข Companies:
First offense: 1Mโ2M RUB (~$13Kโ$26K)
Repeat offense: 5Mโ10M RUB (~$65Kโ$130K)
๐ Infrastructure operators providing access to unregistered miners:
Up to 500K RUB (~$6.5K) for first offense
Up to 5M RUB (~$65K) for repeat violations
๐ก Why it matters:
Illegal mining costs Russia $100M+ annually in lost tax revenue.
Excessive mining strains the power grid, accelerates infrastructure aging, and threatens energy security.
The bill clarifies legal vs. illegal mining and targets gray/black market operations.
๐ Crypto impact:
Russia contributes 15โ18% of global Bitcoin hash rate, second only to the USA.
Some regions already face seasonal/year-round mining bans to protect electricity supply.
โ ๏ธ Background:
Russia legalized crypto mining in Nov 2024 with a registration system.
Prior proposals included criminal penalties up to 2 years for individuals, and 5 years for organized crime groups.
๐ Takeaway:
Illegal mining in Russia is entering a high-stakes crackdown โ a major shift for miners and global hash rates.
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