Russia receives 150 applications from companies to mine Bitcoin

  • Daniil Egorov, head of the Treasury, is optimistic about more registrations.

  • Miners who consume less than 6,000 KWh per month will not be required to register.

According to Russia’s Federal Tax Service, companies in the country are rushing to obtain Bitcoin mining permits, as around 150 applications have been submitted to date. It is important to note that, as of November 1, new regulations legalizing the mining of cryptoassets in Russia are now in force. Although the law was signed by President Vladimir Putin in August, its implementation was delayed due to the need to fine-tune some details.

The information came to light thanks to statements by Danill Egorov, director of the Treasury, who spoke with the Russian media RBC. According to Egorov, “the regulations of this industry must be implemented cautiously, gradually, and it is necessary to learn how to work: where the Ministry of Energy allows mining, where it does not, and in which regions the energy system is overloaded.” Furthermore, the tax affairs expert highlighted that, although the applications are still few, the process is just beginning.

Miners who register must provide information to the Federal Tax Service about the cryptocurrencies they mine, as well as their wallet addresses. According to the new law, this obligation applies to those users whose monthly consumption exceeds 6,000 kWh.

Although cryptoasset mining has gained relevance in Russia’s legal framework, the government has imposed seasonal restrictions in areas of Siberia and the North Caucasus, as these areas go through periods of energy stress during the winter months. The measures will be in force on a seasonal basis, from December 1 to March 15 of each year, extending until 2031. They will also be implemented in the occupied territories of Ukraine, such as Donetsk, Luhansk, Zaporizhia and Kherson, because energy infrastructure has been severely damaged as a consequence of the ongoing war.

Recently, Evgeny Grabchak, deputy head of the Russian Energy Ministry, noted that the state will not have the capacity to offer large energy supplies in the regions of Siberia and the Far East at least until 2030. This information was reported by CriptoNoticias.

On the other hand, just a few weeks ago the governor of Irkutsk, a region of Eastern Siberia located near Lake Baikal, asked the Russian Prime Minister, Mikhail Mishustin, for a complete ban on crypto asset mining in Irkutsk, the Republic of Buryatia and Transbaikalia. , regions located precisely in Siberia and the Far East. This information was published by Chita Online.

In turn, President Vladimir Putin stood out that regions of Russia with energy surpluses are the ones that should focus on Bitcoin and cryptocurrency mining. During a meeting with Alexei Nechayev, leader of the “New People” political party, Putin commented that digital mining could develop significantly in areas with abundant electricity, but stressed that some regions face energy supply problems due to clandestine mining, which justifies the restrictions announced by the Ministry of Energy.

In this meeting, Nechayev was aligned with Putin’s position and highlighted the following: “The objective is not simply position Russia among the main powers in Bitcoin mining and cryptocurrencies, but to make it a global leader in this sector. To achieve that goal, it would be necessary to increase current capacity approximately five times. However, this growth must be carefully planned, prioritizing regions with energy surpluses.

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