Russian miners’ profits estimated at about 100 billion rubles a year

Russian miners generate cryptocurrencies worth about $4 billion a year (more than 335 billion rubles), and profits around 100 billion rubles. Forbes reports, citing calculations by the Russian Ministry of Finance.

The ministry estimates that under current conditions budget revenues from taxing the sector could amount to about 20 billion rubles.

“If the proper prerequisites for the development of the industry are created, its growth could be multiplicative, and, accordingly, tax contributions would rise,” said Ivan Chebeskov, director of the Ministry of Finance’s Department of Financial Policy.

According to словам, Anatoly Aksakov, the head of the State Duma committee on financial markets, said that mining in Russia could be legalized as early as next year.

According to подсчетам the BitRiver data-centre operator, by the results of the first quarter of 2023 Russia for the first time ranked second in the world by the volume of capacities deployed for mining — 1 GW.

As reported, the bill regulating the industry has been registered in the State Duma of the Russian Federation с середины ноября 2022 года. It obliges individuals and legal entities to report to the tax authorities about mined cryptocurrencies, indicating the address to which they are credited.

The document also imposes a ban on advertising digital currencies or offering them in any form to an unlimited circle of persons.