Russia’s Largest Energy Provider Rosseti Plans Crypto Mining

Russia’s largest energy supplier, Rosseti, plans to launch a cryptocurrency mining business. This initiative will allow specific power supply centers to collaborate with Bitcoin mining companies.

Rosseti: ‘Crypto Mining For Using Idle Capacity’

According to Russia’s local media outlet, TASS, Rosseti announced that it will act as an “operator coordinating the deployment of crypto mining infrastructure” and will focus on “power supply centers with low utilization rates.” The company believes that crypto mining will help increase the utilization of idle capacity, boost grid load, and generate additional tariff revenue, thereby fostering economic development and tax growth in Russia. In order to encourage low-load power centers to participate in mining, Rosseti is exploring tools such as special electricity tariff policies.

The company clarified to the media outlet that its affiliates “have the ability to control electricity consumption.” By utilizing operational data on available capacity and loads, Rosseti can ensure the reliability of electricity supply across Russia’s regions.

PM Mikhail Mishustin to Decide on Rosseti’s Crypto mining Proposal

Rosseti Group head Andrei Ryumin has reportedly requested Russian Prime Minister and de facto energy chief Mikhail Mishustin to grant official approval for Rosseti to coordinate the placement of mining centers in Russian regions.

Rosseti officials stated that the company is “interested in developing [crypto] mining, as it will facilitate the use of [spare or idle] capacity.” The project aims to increase the load on power supply centers, boost the company’s tariff revenue, and contribute to the growth of the Russian economy, according to the firm.