Demand for industrial mining equipment and services in Russia has tripled in a year

The Industrial Mining Association noted that the adoption of the law regulating the circulation of digital currency contributed to the growth

13.01.2025 - 09:30

3 min

What’s new? Sergey Bezdelov, the director of the Industrial Mining Association, has said that in the fourth quarter of 2024, the demand for industrial mining equipment and services in Russia tripled compared to the same period in 2023. In an interview with the publication “Prime”, he noted that the law on mining, which came into force, opens new opportunities for industry participants and ordinary citizens to earn money.

Material by “Prime”

What else is known? Bezdelov added that companies and individual entrepreneurs with the help of mining can diversify assets and increase profits, and the mined coins can be used in international settlements.

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He also reported a high interest in Russian mining projects among foreign market participants, including those from BRICS member states.

Bezdelov also believes qualified investors can add cryptocurrencies and miners’ securities to their portfolios, with an optimal share of 5%.

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The law on regulating the circulation of digital currency, which came into effect on November 1, 2024, allows legal entities and individual entrepreneurs to engage in cryptocurrency mining provided they are included in the register of the Federal Taxation Service; citizens do not need to be included in the register provided they comply with the energy consumption limit of 6000 kWh per month.

The law also allows the government to ban mining and participation in mining pools in certain territories. At the end of last year, it became known that cryptocurrency mining would be banned in 10 regions until 2031 due to power shortages.

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