Dagestan Fights Illicit Crypto Miners Amid Power Crises

Dagestan calls for harsher actions against illegal cryptocurrency miners causing power outages by setting up hidden mining operations. Local officials spotlight the dangers and rule-breaking methods of miners. New legislation signed by President Putin aims to regulate and monitor crypto mining activities, effective from November 2024.

Dagestan's southern republic is ramping up measures against illegal cryptocurrency miners, who officials claim are responsible for frequent electricity outages. These miners are suspected of evading legal detection by setting up underground mining installations.

Local Prime Minister Abdulmuslim Abdulmuslimov pointed out the urgency after a substation fire tied to mining activity. 'The owners of illegal cryptocurrency mining installations are coming up with new methods of 'circumventing' the law,' Abdulmuslimov stated.

Video footage from Dagestan's government shows investigators uncovering a clandestine mining operation in an underground cavern, highlighting the extent of the issue. New laws, backed by President Vladimir Putin, will take effect in November 2024, mandating detailed registration and monitoring of mining activities.

(With inputs from agencies.)