Russian Energy Giant Hit by Cryptocurrencies: Exploded to $14 Million! - Coin Bulletin

Rosseti Group announced that it incurred a loss of 1.3 billion rubles in 2024 due to illegal crypto mining, with the largest loss occurring in Novosibirsk with 3,200 devices.

Russian energy giant Rosseti Group reported a loss of 1.3 billion rubles (14.2 million dollars) due to illegal crypto mining throughout 2024.

According to the state news agency TASS, Rosseti's nationwide energy grids were seriously affected by such activities. The largest loss is reported to be 600 million rubles in the North Caucasus energy grid, while the Novosibirsk region suffered 400 million rubles and the Central and Volga regions incurred a total of 120 million rubles in damages.

3,200 illegal mining devices were detected in Novosibirsk

According to Rosseti, the largest illegal mining case identified so far has emerged in Novosibirsk. It was reported that a person conducted industrial-scale activities using illegal electricity with 3,200 mining devices here.

The damage caused by the person in question to Rosseti was calculated as 197 million rubles (2.2 million dolar).

Rosseti officials stated that illegal crypto mining causes excessive load on the electrical grids leading to voltage drops, which could also damage electrical household appliances.

As part of the fight against illegal mining, the Russian government began implementing seasonal bans in November 2023 in some areas.

Cryptocurrency mining in the Zabaykalsky region in North Caucasus and Siberia will be banned every year between November 15 and March 15, and this ban is reported to continue until the year 2031.