A power provider in Siberia was fined over 330,000 rubles (about $3,000) for leasing state land to an illegal cryptocurrency mining operation. The land was meant for public utilities. Local prosecutors are pursuing an administrative case against the provider. Crypto mining thrives in Siberia due to low operating costs from cool temperatures and cheap power. However, it’s blamed for power outages and grid instability, especially during harsh winters. Russia, the world’s second-largest Bitcoin miner in 2023, mined over $3 billion in bitcoin. The government has since legalized crypto mining and approved its use in international trade, generating around $550 million in tax revenue.
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