In a striking twist of irony, a country grappling with energy challenges finds itself battling a new enemy—unauthorized cryptocurrency mining operations, dubbed “black” mining firms. The Rosseti Group, Russia’s leading power grid company, has recently revealed staggering losses exceeding 1.3 billion rubles (approximately $14.2 million) in 2024, all thanks to these clandestine energy thieves. It raises a thought-provoking question: could the quest for profit in the digital mining landscape ultimately jeopardize the stability of entire power grids? This article delves into the significant damages inflicted by illegal mining activities across Russia, revealing how these operations not only strain the energy sector but are also prompting the state-owned company to explore legitimate avenues for cryptocurrency mining to maximize underutilized power capacity. Get ready to dive into the numbers, the impacts, and the potential shift towards a regulated crypto-mining future in Russia! LEARN MORE
Rosseti Group, Russia’s power grid company, reported losses exceeding 1.3 billion rubles – which is worth around $14.2 million – in 2024 due to unauthorized cryptocurrency mining operations, also known as “black” mining firms.
As per a report by state-owned news agency TASS, damages were widespread across the company’s electrical networks.
Illegal Mining Strains Russia’s Energy Grid
The most significant impact was recorded in the North Caucasus region, which amounted to over 600 million rubles. The Novosibirsk grid suffered losses of 400 million rubles, while the Center and Volga region suffered damages amounting to 120 million rubles.
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