The new law sets official rules of the game for all participants
Russian President Vladimir Putin signed a law on the development of mining. Now it is possible to officially engage in the production of cryptocurrency, but only after registration in a special register — for legal entities and individual entrepreneurs. Individuals will not need to register in the register, provided that they comply with the energy consumption standards established by the Russian Government.
Photo: freepic.com
An experiment on using cryptocurrency in international settlements will be launched on September 1. This will help the state ease the consequences of sanctions.
An indisputable advantage for Russian miners is low electricity prices and its surplus. The electricity tariff for enterprises in our country is five times lower than in Germany or Italy.
In the global digital economic arena, Russia currently ranks second in terms of capacity. The country's share is 16.25% of the global hashrate. At the same time, domestic miners plan to increase their volumes to 5-6 GW in the near future. According to the Industrial Mining Association, the growth rate of production in the industry after the law is adopted will be from 20 to 40% annually.
“The full introduction of mining into the legal field will attract more than 60 billion in investments in 2026 alone in the construction of high-tech data centers for mining and other energy-intensive computing, and will create new jobs for IT specialists throughout Russia,” said the owner and CEO of BitRiver.
In 2023 alone, almost 54 thousand bitcoins were received in Russia, which at the current exchange rate is more than 3 billion dollars.
With the introduction of the new law and the entry of mining into the legal field, the annual tax revenue of the state from miners will increase from 3 billion rubles in 2023 to 50 billion rubles by 2027.