It seems the wizards of Russia’s power grid operator, Rosseti, have conjured up a plan to support Bitcoin mining. Because, why not? It’s not like they have anything better to do, like keeping the lights on or something.
According to the esteemed Russia’s state news agency TASS (and we all know how reliable those state news agencies can be 🙄), Rosseti is eager to utilize its underloaded power centers to mine some Bitcoins. Because, as we all know, the key to a successful economy is to use up all that excess energy on something completely useless… err, we mean, something that might make them rich.
A statement from Rosseti, translated from the original Russian, reads: “The Rosseti Group is the largest grid company in Russia and can act as an operator coordinating the placement of mining infrastructure.” Which roughly translates to: “Hey, we’ve got some spare power, let’s use it to mine some Bitcoins and hope no one notices the lights flickering.”
Rosseti claims to have the fancy infrastructure needed to monitor and manage electricity consumption from mining operations. Because, you know, it’s not like they’re just winging it or anything.
The plan is to connect electricity consumers (i.e., Bitcoin miners) to power centers with low-loading prospects. This will, allegedly, enhance the use of idle capacity, increase tariff revenues, and support the development of the regional economy through tax contributions. Or, you know, it might just make a bunch of rich people richer.
Rosseti is also considering introducing specialized tariffs to manage demand effectively and further incentivize the growth of mining operations. Because, as we all know, the key to a successful economy is to create more bureaucracy and red tape.
Bitcoin mining has been booming in Russia since President Vladimir Putin introduced legislative changes that allowed businesses and individual entrepreneurs to engage in crypto mining. Because, why not? It’s not like they have anything better to do, like, say, running the country.
Another bill, which came into effect in late November, exempted mining operations from value-added tax. Because, you know, the government needs to incentivize people to waste even more energy on useless activities.
As previously reported by crypto.news (and we all know how reliable those crypto news sources can be 🙄), supportive regulations spurred an uptick in demand for mining equipment, which surged three-fold in the fourth quarter of 2024. Because, as we all know, the key to a successful economy is to create a bunch of useless jobs and waste a lot of energy.
However, concerns over the strain Bitcoin miners put on local electricity grids have also been raised. In November, the Kremlin warned that Russia could face an energy crisis if the sector goes unchecked. But, you know, that’s just a minor detail.
In response, the nation has introduced restrictions that ban crypto mining in certain energy-strained regions. Because, you know, it’s not like they’re just trying to cover their tracks or anything.
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2025-01-27 14:28