Russia Bleeds $120M Annually: Underground Crypto Mining Siphons Power and Tax Revenue
Power grids strain as unauthorized mining operations drain national resources
The Hidden Drain
Illegal cryptocurrency mining operations are costing Russia roughly $120 million each year in lost tax revenue and stolen electricity. Unregistered mining farms tap directly into power infrastructure—bypassing meters and avoiding regulatory oversight entirely.
Energy authorities report entire neighborhoods experiencing voltage drops during peak mining hours. Regional power companies struggle to track the clandestine operations, which often relocate before detection.
Tax collectors face similar challenges—mining profits vanish into offshore wallets before revenue services can document the activity. The shadow economy thrives while legitimate businesses pay for grid maintenance and public services.
Meanwhile, traditional financiers scoff at the irony—crypto was supposed to democratize finance, not become another tool for tax evasion. Some things never change, even with blockchain.
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the shiba inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
