Russian Miners Advocate for Stock Market Access

The legalisation of mining in Russia could enable major industry players to go public. This perspective was shared by Intelion Data Systems CEO Timofey Semenov at the Mining.ru forum, reports RBC.

Going public would serve as a tool for attracting financing, a resource the industry currently lacks, the expert noted.

On July 30, the State Duma passed a bill regulating cryptocurrency mining in the country in its second and third readings. In early August, it was signed by President Vladimir Putin.

The following month, the head of state declared that Russia is one of the global leaders in the industry. Despite this, industry participants lack access to the stock market, according to Semenov.

He cited the United States as an example, where the largest mining companies are public.

“There, miners have a low volume of borrowed funds and a massive volume of attracted equity. This [going public] is the tool we need,” stated Semenov.

Legally ensured business transparency with the FTS controlling income, expenses, and tax payments opens the possibility for Russian cryptocurrency miners to become public companies, according to the head of Intelion Data Systems.

He also noted the interest of regions—when local authorities understand the potential tax revenue, their attitude towards mining changes.

According to Bitriver, the volume of electricity consumed for cryptocurrency mining in Russia has exceeded 2.5 GW.