Sergei Bezdelov, the Director of the Industrial Mining Association (IPM), has estimated the tax potential of cryptocurrency mining in Russia to be around 50 billion rubles per year. This assessment was shared during a briefing on the industrial mining market in Russia, where Bezdelov also emphasized the need for balanced and fair regulation in order to achieve this tax revenue by 2025.
According to Bezdelov, the current electricity consumption by the cryptocurrency mining market in Russia stands at 2.5 GW, with industrial miners accounting for approximately 1.7 GW of this volume. However, he expressed disappointment at the lack of legislative regulation pertaining to industrial mining, as terms like “mining” or “mining activity” remain undefined, and there is no entry for it in the All-Russian Classifier of Types of Economic Activities (OKVED).
Interestingly, the Ministry of Energy’s proposal to increase electricity tariffs for miners faced criticism from the expert council of the working group on legislative regulation of cryptocurrencies in the State Duma.