Black miners will increase the load on the network - 'Rosseti'

Black miners will increase the load on the network – “Rosseti”
CONTENT

  • In Russia, an increase in the load on the power grids is expected due to miners

  • Abkhazia banned the mining of cryptocurrencies until the summer of 2021

  • The Central Bank of the Russian Federation is still skeptical about any ideas around the mining of cryptocurrencies

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The largest electricity network operator in Russia expects an increase in the load on energy consumption due to the rise in the price of bitcoin

Black miners will increase the load on the network - 'Rosseti'

One of the largest power grid companies in the world, PJSC Rosseti, predicts an increase in network load due to the influx of black miners. This is reported by the PRIME agency, referring to a statement within the company.

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Rosseti believes that the rise in the bitcoin rate directly affects the activity of illegal miners in the country. In 2017 alone, the company identified illegal mining farms that caused damage in excess of ₽718 million.

What damage can be a jump in activity in 2020, Rosseti did not specify.

Black miners will increase the load on the network - 'Rosseti'

Direct correlation

The company representatives believe that the growth in the value of many digital currencies directly affects the activity of domestic black miners.

“The growth in the value of cryptocurrencies is undoubtedly associated with an increase in interest in mining”, – said in “Rosseti”.

However, the company notes that they are already systematically approaching the identification of illegal mining farms, transferring materials to law enforcement agencies.

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The growth of mining activity in Russia was previously announced by the founder of the Chinese manufacturer of mining devices Canaan Creative (Canaan) Nangeng Zhang. In his opinion, Russia is actively developing in the cryptocurrency mining market, which in the long term may even squeeze China.

Skepticism first

However, so far the CIS market is skeptical about any initiatives related to the extraction of cryptocurrencies. For example, the editorial staff of BeInCrypto previously reported that Abkhazia re-introduced a ban on cryptocurrency mining until June 1, 2021. The decision to ban is due to the fact that the scale of illegal mining almost put the republic on the brink of an energy crisis.

Black miners will increase the load on the network - 'Rosseti'

In Russia, too, they are not yet determined to approve the concept of the National Mining Pool (NMP). The Bank of Russia points out the inability of the project to counter the laundering of proceeds from crime and the financing of terrorism.

However, the Russian Association of Cryptocurrencies and Blockchain (RACIB) doubts that the Central Bank of the Russian Federation generally understands the essence of the concept (IMP). RACIB President Yuri Pripachkin notes that the IMP is not a payment system, and, accordingly, there is no opportunity for money laundering in it.

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