Siberia Sounds Electricity Alarm on China’s Encryption

The Dunkirk Foundry Agreement provides a window into GFG's complex financing web

Bloomberg reported that Kobzev’s office has confirmed the letter’s authenticity. The Irkutsk region is already a local Bitcoin mining hub due to having the cheapest retail electricity in Russia, according to Bloomberg. Irk.ru noted that industrial giants based in the region take on part of consumers’ electricity costs, which lowers prices. In it, the leader of Russia’s fourth-largest region proposed charging higher rates for crypto miners, citing the annexed Crimean peninsula as an example.

The surge is exacerbated by China’s ban on crypto mining “and the relocation of a significant amount of equipment to the Irkutsk region due to geographical proximity,” Kobzev wrote. The Irkutsk region’s energy consumption so far in 2021 is up by 159% compared to last year, the outlet reported.

“The situation is an unpredictable event for the region, leading to significant loads on the power grid with the risk of complicated accidents and emergencies,” he added. In a letter to Deputy Prime Minister Alexander Novak quoted by the Irkutsk region’s irk.ru news website, Kobzev raised the alarm over an “avalanche-like increase in electricity consumption by ‘underground miners’ at consumer prices.” 

Still, Russia is the world’s third-largest Bitcoin mining country at over 11% of average monthly shares, according to the Cambridge Bitcoin Electricity Consumption Index (CBECI). Bitcoin use is limited in Russia due to the country’s restrictive laws on cryptocurrencies, including President Vladimir Putin’s 2020 law on digital financial assets that legalized cryptocurrencies but banned their use as payment for goods and services.

“This is a huge load on the network and these are risks, especially in winter. We have to protect residents; miners must pay different rates.” “We understand that this unhealthy activity of ‘underground’ miners is partly explained by the affordable price of electricity for the population,” Kobzev said in comments to irk.ru.

The News Highlights

  • Siberia Sounds Electricity Alarm on China’s Encryption
  • Check the latest News news updates and information about business, finance and more.
Disclaimer: If you need to edit or update this news from compsmag then kindly contact us Learn more

For Latest News Follow us on Google News


Latest Headlines
  • Show all
  • Trending News
  • Popular By week
These early Best Buy Black Friday deals end today
These early Best Buy Black Friday deals end today
And if you keep checking back we’ll be adding more until the Black Friday sale ends on Friday night. Black Friday came early for Best Buy, but today is the ...
AMD’s Navi 24 ‘RDNA 2’ Radeon RX GPUs are expected to launch in Q1, with a 120W super-clocked design aimed at the RTX 3050 Ti and Intel ARC
AMD’s Navi 24 ‘RDNA 2’ Radeon RX GPUs are expected to launch in Q1, with a 120W super-clocked design aimed at the RTX 3050 Ti and Intel ARC
Interestingly, it is stated that while previously leaks had hinted at sub-75W TDP for Navi 24 GPUs, that may be true for notebook SKUs but desktop SKUs might ...
India: Best 2.1 channel soundbars
India: Best 2.1 channel soundbars
If you’re facing space constraints but you still want a good home theatre experience then a 2.1 Channel soundbar is a good option. These soundbars feature ...
Shrinking quantum key distribution technology to a semiconductor chip
Shrinking quantum key distribution technology to a semiconductor chip
QKD addresses the demand for cryptography which will remain secure from attack by the supercomputers of tomorrow. In particular, a large-scale quantum ...
Wall Street earnings near record levels despite falling jobs
Wall Street earnings near record levels despite falling jobs
DiNapoli said Wall Street’s surging profits may be fueled by record low interest rates, strong trading volume, record earnings in the global equities sector ...
COVID-19 pandemic: up to 180,000 health workers may have died, report says
COVID-19 pandemic: up to 180,000 health workers may have died, report says
In addition, the paper’s authors urged leaders to “support the call for the equitable distribution of vaccines” and devise and implement tailored communication ...
BNT162b2 Highly Effective Against Delta Variant in Teens – Consumer Health News
BNT162b2 Highly Effective Against Delta Variant in Teens – Consumer Health News
Several authors disclosed financial ties to biopharmaceutical companies, including Pfizer. “Our results show that the BNT162b2 mRNA vaccine was highly ...
Samsung Galaxy Buds Pro just dropped to $149
Samsung Galaxy Buds Pro just dropped to $149
So if you’re on the lookout to snatch a pair on a killer discount, we’ve got you covered. Early Black Friday deals are already in full swing, meaning some ...
Airman supplements special assignment during deployment
Airman supplements special assignment during deployment
Senior Airman Ramandeep Kaur came to Ali Al Salem Air Base, Kuwait, as a defender originally assigned to the 387th Expeditionary Security Forces Squadron. ...
Idexo Rolls on AscendEX
Idexo Rolls on AscendEX
In efforts to enable application developers to build sustainable business models through their applications, Idexo also offers users a simple Compute Credit ...
Show next
Compsmag - Latest News from tech, business and health
Logo