Russian power company reports ₽1.3b ruble loss from Illegal crypto mining in 2024

The Russian operator of the Rosseti electrical network reported losses of more than 1.3 billion rubles in 2024 due to the illegal cryptography mining operations which siphoned electricity by unauthorized connections.

Russian Russian network company Rosseti reported Losses exceeding 1.3 billion rubles in 2024 due to illegal connections by unauthorized cryptography minors. The most recorded losses took place in the Northern Caucasus, where Rosseti Severny Kavkaz reported more than 600 million rubles in damages. In Novosibirsk, losses amounted to 400 million rubles, while Rosseti Center and Privivolzhye recorded 120 million rubles in loss.

Rossetti confirmed that 130 cases of unauthorized network connections and non -recorded electricity consumption have been identified and closed. More than 40 criminal cases under the Russian penal code have been launched.

Unregulated cryptographic exploitation and its impact on the electricity network were an increasing concern for Russia. In response, Russia has launched a national register for cryptographic minors in November 2024. However, while the register is intended to prevent illegal energy consumption, minors fear that if their data flee, they could become targets to International sanctions.

Aside from Russia, the extraction of unauthorized crypto supported electrical networks in Iran, Malaysia,, ThailandAnd Venezuela in recent years, with authorities through multiple jurisdictions that try to suppress practice.