Russia's Power Grid Hit by Unauthorized Crypto Mining, Losing Over 1.3 Billion Rubles
Rosseti's North Caucasus grid lost over 600 million rubles to illegal crypto mining.
cryptopotato.com
Russia's power grid, managed by Rosseti Group, has been hit hard by unauthorized crypto mining, losing over 1.3 billion rubles (around $14.2 million) in 2024. The illegal mining operations, particularly in the North Caucasus and Novosibirsk regions, have caused significant financial damage and strained the energy grid. Rosseti has intercepted 130 instances of unauthorized power use, with over 40 cases under criminal investigation. Despite these challenges, Rosseti is exploring legal crypto mining to monetize excess capacity, aiming to boost revenues and support regional economic growth. The company is considering entering the mining industry, potentially leveraging its infrastructure to turn excess electricity into a profitable venture.
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