Cryptocurrency mining is being legalized in Russia. At the same time, if there is a shortage of electricity in the region, miners will have to move to more prosperous ones. This was stated by the Russian Energy Minister, Sergei Tsivilev, during a meeting with the Russian President, Vladimir Putin.
“The next very important law, again you supported our initiative, refers to mining activities. Now mining activity will be legalized, they will pay taxes, they will pay for electricity,” – he said at the meeting Sergei Tsivilev.
In regions where there is surplus electricity, they themselves will be responsible for paying for it by charging generation capacities, he noted.
“In the event of a shortage, your electricity volumes will be transferred in accordance with the law to the national economy. They will have to move to those regions where there is excess electricity. This is a reasonable balance at this point. Thank you for supporting this initiative.” – added the head of the Ministry of Energy.
As reported EADaily In 2024, hundreds of new gray cryptocurrency mining spots were identified in Russia, some of which illegally consume as much electricity as entire towns where they are located. The leaders are the Irkutsk region and the North Caucasus. Violators do not pay anything for electricity or do so individually. The energy workers try to catch them and get their money back.
In August, the Russian president signed the legalization of cryptocurrency mining activities in Russia starting November 1, 2024.
“I think that today Russia is already one of the world leaders in mining. This is due to excess energy capacity in Siberia. But there are certain questions that have arisen recently.” – Vladimir Putin said at the Eastern Economic Forum.
