Russia Evaluates Potential Tax Revenue from Bitcoin Mining

The tax potential of mining in Russia, with the introduction of balanced regulation, is estimated at 50 billion rubles annually after 2025. This was reported by TASS, citing a statement from Sergey Bezdolov, Director of the Industrial Mining Association.

According to his data, Russian miners consume about 2.5 GW of electrical power. Of this, 1.7 GW is attributed to industrial cryptocurrency mining, accounting for over 13% of the total power consumption.

Bezdolov also noted that currently, the industrial mining sector is not legislatively regulated and is not included in the OKVED.

A bill regulating the industry has been registered in the Russian State Duma since mid-November 2022. It requires individuals and legal entities to report mined cryptocurrencies to the tax authorities, specifying the address of crediting. Its adoption is expected in 2024.

Earlier, economists from the HSE proposed forcibly disconnecting miners from electricity for 500 hours a year in energy-deficient regions. The Ministry of Energy was skeptical of the idea, adding that mining could potentially be banned altogether.