Russia plans to impose high fines on illegal cryptocurrency mining

Russian State Duma members have submitted a bill proposing fines for illegal cryptocurrency mining, ranging from 100000 to 150000 rubles for individuals, 300000 to 800000 rubles for officials, and 1 to 2 million rubles for businesses; The maximum fines for repeated violations have been increased to 1.5 million, 5 million, and 10 million rubles respectively. Exceeding the government's electricity consumption limit or failing to register as a legal miner will also be punished, and repeated violations will result in increased fines. The maximum fine for mining infrastructure operators who provide services to unregistered miners is 5 million rubles. Members of parliament stated that the abuse of low electricity prices has threatened the security of the power grid and increased the energy burden.