Sales of crypto miners in Russia have tripled, and regulatory attitudes have shifted towards laxity

According to Cryptonews, the demand for crypto miners and related services in Russia tripled year-on-year in the fourth quarter of 2024. Sergey Bezdelov, president of the Industrial Mining Association, said that this is due to the new regulations allowing individuals and businesses to legally mine within a certain energy consumption range. The new regulations give mining legal status and require miners of more than 6,000 kWh to register, but they are still in looser regulatory environments. The Russian Ministry of Finance expects crypto miners to be taxed up to $500 million per year. At the same time, lawmakers said it is possible to further simplify regulations, especially for companies that use cryptocurrencies to circumvent sanctions, in order to promote market development.