War and increased electricity consumption face Bitcoin miners in Russia

Hello dear and regular readers, definitely the war between Russia and Ukraine continues to give news that impact the normal development of the cryptocurrency market, this if we consider that Bitcoin miners will pay more for electricity consumption in Russia.

In addition to the air and ground attacks on Ukrainian territory, the war is also about tariffs for increased electricity consumption on Russian territory, since, according to government sources, Russian citizens will pay high tariffs for mining cryptocurrencies.

In theory these tariffs will be determined by the authorities of each region of the Russian territory, as apparently digital mining is one of the activities that overload the power grid in Russia.

According to information reported by international news agencies with connections in Russia, miners of Bitcoin and other cryptocurrencies that carry out their activities on Russian territory will have to pay a higher rate for the electricity they consume.

Bullfrag

The above, or rather the measure was determined by the Federal Antimonopoly Service of the Russian government, a government agency in charge of supervising the prices of electricity used by citizens in Russia.

It is necessary to remember that before the war with Ukraine Russia was already occupying the second place in the ranking of European countries with the cheapest electricity for the population, the leader being Kazakhstan, due to this, both countries now concentrate more mining power or hashrate of the Bitcoin network than in previous years as more digital miners are located in their territories.

Therefore, the new measure of charging more tariffs may impact the normal operation of cryptocurrency mining, specifically Bitcoin mining, I would like to know your appreciation in this regard.

SOURCES CONSULTED

RG You will have to pay more for overconsumption of electricity. Link

OBSERVATION:

The cover image was designed by the author: @lupafilotaxia, incorporating image: RG

I have been thinking about this lately, how will the miners in those countries feel following the war that is happening over there. This is why War is never a good thing

Hi @tfame3865

It is a matter of analysis, no doubt wars bring adverse scenarios but we should always investigate to know a part of reality.

Best regards, be well.

hello @lupafilotaxia,
one of the most important things in this war is the amount of sanctions that the european union is applying to russia, these sanctions are designed to affect the people who have the most money, this includes miners and millionaires. i personally believe that if russia does not reconsider its actions it could lead to a second collapse of its economy.

Hello @lupafilotaxia, I think that this possible regulation and increase in electricity consumption rates will only result in the migration of digital miners to other territories, it is very well known that these miners look for cities/countries where the costs of mining BTC are not so expensive

Your post was upvoted and resteemed on @crypto.defrag

Hello @crypto.defrag

Thanks for the endorsement.

Best regards, be well.

Those international news agencies will say anything to discredit bitcoin. From what I know the electricity comparing it to other countries is so cheap in Russia, even me I pay about $10 a month for electricity. So, taking news for granted is not correct. But anyway, that's good to know how they are trying to manipulate the public opinion. Or maybe there are guys in bitcoin itself dumping it by purpose by creating such news. The thing I'm happy about, is that usually after each dump, we will see the pump. So, we may see bitcoin going $100k easily this year already.

Hi @clixmoney

I also hope to see the Bitcoin reach 100K, regarding the international news portals I agree with you as they always seek to misinform the audience, on our part is to investigate so as not to fall into the shadow of disinformation.

Best regards, be well.

Hello @alokkumar121

Thanks for the endorsement.

Best regards, be well.

Such news are expected during bitcoin dump media outlets take advantage of the mass by publishing such news people tend to be scared and further dump their holding.

Miners always have option to migrate to better environment where electricity is cheaper.