A legal expert in Russia says that students who make digital currencies in their dorms could face fines or even criminal charges, according to local media. The warning comes as Russian authorities are trying to stop people from mining crypto currencies with cheap electricity in their homes.
Students in Russia may not be able to mine safely
If you set up a crypto farm in your home, for example, you could be breaking the law. Students have been told that mining digital coins in their dorms could be a violation of the law.
The Gorgadze and Partners law firm says that at the very least, universities will demand that they pay for the extra electricity they use. They may also be prosecuted for crimes in some cases, the man said.
The report says that mining can cause a lot of material damage. If a university has to pay more for electricity, it may sue the students who were caught making cryptocurrency, a lawyer said. He said that if the miners don’t pay these costs, they could lose their freedom in the long run.
“If it isn’t possible to identify the miners, then it is necessary to report to the police. And in this case, the violators will bear criminal liability under article 165 of the Criminal Code (Causing property damage by deceit or breach of trust),” the legal expert specified.
A profitable business isn’t the only thing that crypto mining in Russia is good for. It’s also a source of extra money for many ordinary Russians. Household electricity in the country is subsidised and much cheaper than the power sold to businesses, especially in places that have a lot of energy.
People in Irkutsk, where electricity costs start at just $0.01 per kWh in rural areas, have used more electricity in 2021 than they did in 2017. Officials think the rise is because mining hardware is running in basements and garages. It has been said that miners have been to blame for problems and power outages.
Members of the parliamentary Energy Committee have recently suggested to the federal government a set of steps that could be taken to stop people from home mining for gold. Move: It comes after a Russian group of energy providers sent similar proposals to the State Duma, the lower house of parliament.
The lawmakers want utilities to be able to disconnect illegal miners from the grid, and they want people to have to say what they’re going to do with the electricity they buy. They also say that internet providers should have to give authorities the IP addresses of people who are suspected of mining and information about how they do it.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.