The acts of miners mining digital money account for more than 2% of the country’s total power usage, according to Russia’s Deputy Minister of Industry and Trade, Vasily Shpak, and must be “whitewashed” and managed.
Despite the Bank of Russia’s desire for an outright ban on all crypto-related activities, Russia’s authorities are striving to legitimate Bitcoin mining. In late April, Russia’s parliament was presented with a bill to accomplish this. MPs recently eliminated a provision to grant mining corporations a one-year tax and customs amnesty, which was contained in the initial drafts.
Russia’s officials in Moscow believe that the country’s vast energy resources and favorable climate make it an excellent place for the industry’s development. Russian miners, on the other hand, have been subjected to penalties as a result of the sanctions imposed by the West in reaction to Ukraine’s invasion. Russia’s share of the global monthly hash rate has dropped to 4.66 percent this year.
