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Miners help reduce the final price of electricity and reduce emissions, says Andrey Kataev, Director for Energy Markets and External Relations of the System Operator of the Unified Energy System
The industry of cryptocurrencies and mining has more positive than negative impact on energy and the economy as a whole. This is the conclusion reached by the participants of the meeting led by Valery Seleznev, First Deputy Chairman of the Duma Energy Committee. This was announced to RBC-Crypto by the founder and CEO of the BitRiver mining company Igor Runets, who took part in the meeting.
According to Andrey Kataev, Member of the Board and Director for Energy Markets and External Relations of the System Operator of the Unified Energy System (JSC SO UES), “responsible miners” contribute to smoothing out peaks in electricity consumption. He also added that miners contribute to lowering the final price of electricity and reducing CO2 and pollutant emissions by loading more efficient and low-carbon generation.
The negative effects from retail household miners, leading to numerous accidents in the power grid complex, can be resolved, Kataev believes. According to him, this can be achieved through the systematic work of regulators to differentiate tariffs for the population depending on the volume of electricity consumption and close interaction between energy sales companies and Internet providers in terms of exchanging information on connecting miners.
Earlier, the Central Bank said that mining poses significant threats to the country’s economy and citizens. According to the regulator, mining generates demand for infrastructure for conducting transactions with cryptocurrencies, which creates incentives for circumventing regulation.
On January 20, the Bank of Russia released a report for public discussion, in which it proposed to ban the issuance, circulation and exchange of cryptocurrencies in Russia, as well as the organization of these operations. The regulator also considers it necessary to ban the mining of digital assets and start monitoring Russian investments in cryptocurrency on foreign trading platforms.
At the moment, Deputy Prime Minister Dmitry Chernyshenko has approved a roadmap that proposes the regulation of cryptocurrencies, and not their ban, identification of customers, responsibility for the illegal circulation of digital assets, as well as the development of a methodology for assessing the value of cryptocurrencies. Representatives of the Ministry of Finance, the Ministry of Economic Development, the Prosecutor General’s Office, Rosfinmonitoring, the Federal Security Service, the Ministry of Internal Affairs, the Federal Tax Service, the Ministry of Digital Development and the Bank of Russia took part in the development of the roadmap.
On January 26, Russian President Vladimir Putin called on the government and the Central Bank to come to a consensus on the regulation of digital assets. The head of state said that he was familiar with the discussion regarding the regulation of cryptocurrencies.
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