Russian authorities plan to increase electricity prices by 5-10 times

Jafar224

According to a report from the website advis.ru on March 27th, the Russian Ministry of Energy has proposed increasing electricity prices for cryptocurrency-related industries by 5-10 times. Representatives from the crypto community say this could lead to mining companies exiting the local market.

"Mining is a completely useless, meaningless activity. Essentially, participating in it burns money in the form of electricity, but ultimately, mining serves no purpose for society," said Eldar Murtazin, an industry insider in the country. "In the long run, this is a bubble that is going to burst. Therefore, those who want to mine must pay more for electricity. This is the essence of the draft resolution, with the funds being used for the national budget."
At the same time, Ani Aslanyan, the founder of the Telegram channel "Everything about Blockchain, Mind, and Web 3.0," believes that the increase in costs will force cryptocurrency market participants to leave Russia, leading the country to 'lose its position in the new economy.'

Indra55

Costs are increasing now.

Isha000

It's also worth taking a look into this industry.