Russia Launches Miner Registry

As of November 1, Russia has implemented a regulation establishing a miner registry under the Federal Tax Service. Deputy Anton Gorelkin shared details about the compilation of this list. 

The Federal Tax Service will effectively create two lists: individuals directly engaged in mining and operators of mining infrastructure who provide facilities for extraction.

Only Russian legal entities and individual entrepreneurs included in the registry will be able to legally mine within the country. Individuals are exempt from registration provided they adhere to government-set energy consumption limits. 

According to Gorelkin, access to the registry will be strictly official—publication of information is prohibited, and only government agencies can obtain it through the interdepartmental interaction system. 

“This is entirely justified, as the registry is expected to store quite sensitive data: for example, about the beneficial owners of legal entities, electricity supply points, and addresses of technical equipment used for mining,” the deputy explained. 

The official emphasized that the Federal Tax Service takes the task very seriously, holding meetings with industry representatives and carefully drafting regulations considering their wishes. 

The Russian government’s decrees necessary for launching the registry will be published soon.

Sergey Bezdelyov, Director of the Industrial Mining Association, told Rossiyskaya Gazeta that Russia ranks second in the world for mining. 

“Just last year, domestic miners extracted 54,000 BTC worth nearly $3.5 billion. Russia’s leadership is supported by its climate, competitive advantages, and skilled workforce,” he stated.

Bezdelyov noted the growing interest in the industry and outlined the approximate costs for making a profit in this market:

“One unit of cryptocurrency mining equipment currently costs about $3,000. To earn passive income, of course, more than one set is needed.” 

He added that Russian miners can receive tax deductions from income tax for equipment depreciation and VAT deductions from the cost of equipment and electricity—20%.

In July, basic regulation of cryptocurrency mining in Russia was adopted. ForkLog examined its impact on the industry in a separate article.

Additional amendments outline the government’s authority to restrict mining in certain areas.

Earlier, the Russian Ministry of Energy identified regions for future mining bans.