Miners in Russia have increased their capacity in the context of domestic demand for cryptocurrencies

BitRiver is the market leader with total company capacity exceeding 300 MW. The total computing power of UMC was 88 MW, BitCluster – 60 MW, EMCD – 50 MW, Kommersant reported.

BitRiver representative Igor Runets called the cold weather, relatively cheap electricity and trained personnel the Russian Federation’s competitive advantages in mining. In fact, mining is now outside the legal scope, but there is no ban, the publication’s interlocutor admitted.

• In November 2022, the draft law on mining was submitted to the State Duma, but it has not yet reached the first reading. In the final form, it was planned to adopt amendments to the law “On digital financial assets, digital currency and amendments to certain legislative acts of the Russian Federation” at the second and third reading in January 2023.
• In January 2023, the State Council Energy Commission proposed to the government to ban mining in residential buildings to prevent fires. In energy-deficient areas (Moscow, Moscow region, Kuban, Adygea), it is proposed to prohibit such activities, and the constituent entities of Russia intend to enable additional taxes on the extraction of cryptocurrencies.
• The State Duma at the beginning of 2023 was also going to consider the possibility of adopting a bill on cross-border payments in cryptocurrencies. In the spring and summer, a Russian crypto exchange can be created so that the circulation of digital currencies goes through the Russian infrastructure.