Power Grid Operator Eyes Collaboration with Bitcoin Mining Firms Rosseti, Russia’s leading energy provider, is preparing to enter the cryptocurrency mining sector. The company plans to partner with Bitcoin mining firms by utilizing select power supply centers with underutilized capacity to support mining operations. According to a report from Russian state news agency TASS, Rosseti wants to be the coordinator for hosting mining infrastructure. This is a significant shift for the energy giant.
A Strategic Shift for Rosseti
Focused historically on fighting illegal and unregistered crypto mining, the new policy by Rosseti highlights a strategic shift towards capitalizing on the growth of the sector. The company plans to utilize low utilization potential in power centers for mining activities, according to the company, which will improve the efficiency of the grid. A statement from Rosseti underlined the company’s position as the largest grid operator in Russia and expressed readiness to act as an operator overseeing the placement of crypto mining infrastructure.
Government Approval Sought
Recently, a report emerged by Kommersant, suggesting that the head of Rosseti, Andrei Ryumin, had issued a letter to Russian Prime Minister Mikhail Mishustin. It claimed that, in the said letter, Ryumin would write to the prime minister to approve coordination of setting up mining centers between the regions and the Russian government. Rosseti stated that penetration into crypto mining would allow for absorption of underutilized capacity, an increase in the load at power supply centers, and a rise in tariff revenues. The company added that this would also have several economic and tax advantages.
Incentives for Crypto Mining Operations
Rosseti is seeking instruments to incentivize power centers with low demand to switch over to crypto mining support. For instance, it plans on implementing specialized tariffs. With advanced infrastructure capable of managing electricity consumption, Rosseti claims it can ensure a reliable power supply while supporting the operational needs of mining facilities.
Crypto Mining Gains Momentum in Russia
This move follows similar developments in Russia’s energy sector. Last year, state-run oil and gas giant Gazprom launched a crypto mining subsidy and began constructing a large Bitcoin mining facility in Veliky Novgorod. Rossetti will further enhance Russia’s positions in the international arena of cryptocurrency mining while also unlocking new possibilities for its energy grid.