Russian experts do not see a reason to ban home mining bitcoins

© RIA Novosti / Vladimir Astapkovich in photobacteria coin cryptocurrency bitcoin Bitcoin MaRSe Center in Moscow. Archival photoRussian experts do not see a reason to ban home mining bitcoins© RIA Novosti / Vladimir Astapkovich the image Bank

To impose a ban on the mining of cryptocurrencies (mining) and installation of trusses in residential premises in Russia would be meaningless, since it is technically impossible to monitor compliance with such restrictions, consider interviewed by RIA Novosti experts.

Earlier in September, a member of the working group under the RF President on the development of the Internet Ilya massukh said that Russia may introduce a ban on the installation of farms for mining cryptocurrencies (mining) in a residential area. The ban could be imposed because a lot of energy mining farms, which significantly increases the load on the network and heats the air in the apartment. All this can be unsafe for other tenants. Massukh also questioned the feasibility of mining the cryptocurrency in the country.

Legal status

According to experts, in the first place, the authorities need to determine the legal status of cryptocurrencies and regulation of the market.

Earlier in September, Russian Finance Minister Anton Siluanov said that the Finance Ministry wants to make «the black market» organized by the cryptocurrency. In his opinion, for individuals buying cryptocurrency should be similar to buying OFZs. Prior to this, Deputy Finance Minister Alexei Moiseev expressed the opinion that the cryptocurrency should be regulated as a financial asset, and allow its purchase only by qualified investors on the Moscow exchange.

Currently, the bitcoin in the world markets is assessed in different ways: as asset, commodity, currency. «Look at the nature of bitcoin is both a currency and a commodity. In the worst case, it can be called a «bubble» — says co-founder and CEO of cryptocurrency exchange BitMEX, Arthur Hayes (Arthur Hayes).

In his opinion, «anyone should be allowed to trade bitcoins, just as you can trade Forex, gold, commodities and so forth.»

«The main question that now stands before the Russian authorities — what legal status should have cryptocurrencies. No agreement — a number of agencies in favour of the status of the payment instrument (for example Japan), a number for the status of an asset or other property, and someone does offers to ban. In the first case, access to bitcoin will get all the Russians, and the virtual currency can be used to pay any goods and services. In the second case, in our opinion, really worth to restrict access to the cryptocurrency. Access to trade needs to be qualified investors», — says senior analyst «Alpari» the novel Tkachuk.

The ban would be ineffective

According to experts, home mining cryptocurrency is not dangerous and to impose a ban on him does not make sense.

«If they (the authorities — ed.) would prohibit mining, it is not associated with power or overheating (technology — ed.). This happens because they don’t want in the hands of people has authority over digital currencies,» — says technical analyst resource Brave New Coin Josh Olszewicz (Josh Olszewicz).

In his opinion, a ban on any activity associated with mining for ordinary people, unfair. In addition, domestic mining popular among the interested in cryptocurrency people. «A lot of people have ever dealt with mining houses, including me. I also think that many… are very knowledgeable about mining and the opportunity to earn it,» the expert added.

Evaluation the co-founder of BitMEX Hayes, Russia is the third-largest market for trading bitcoins. «The government will not be able to effectively ban home, bitcoin mining, unless it plans to disconnect the Internet,» he said.

«Even if it (the ban — ed.) will be spelled out in the law (which, again, looks doubtful), the question arises with the performance of this requirement. Who and how to track what is the purpose of running a home computer? Technically, it is impossible. Consequently, the point in banning it, there is no ordinary shaking of the air», — says senior analyst «Alpari» Anna Bodrov.

«Problems with the electricity consumption should not bother anyone if the person timely pays their bills. Overheating of equipment, in turn, leads to its exit out of operation, so running computers create the right atmosphere with normal temperature and humidity level. In an apartment this is almost always enough to open the Windows. As for the danger of such neighbourhood, in an apartment building, the line is even more shaky. Few people know what goes on behind the wall or the floor above. Prohibition or permission for home mining problem, if it exists at all, can not decide», she added.

«Home mining is not dangerous casserole with dumplings on the stove, so no need to panic. Designated by the law of 5 KW for an apartment a person can do whatever he wants, respecting the current legislation of our country. The main difference from the industrial mining that home miners join pools, in the communities where share volume. You can compare with the collective, only this time everything is fair,» — said the founder of the portal DeCenter Evgeny Gordeev.