Russian miners’ income in 2022 exceeded 50 billion RUB

The country came in second place in the world ranking

31.05.2023 - 07:25

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What’s new? By the end of 2022, Russian miners earned about 50-60 billion Russian rubles (RUB) from cryptocurrency mining. This put the country in second place in the world ranking after the United States. Pavel Novikov, director of Skolkovo Fintech Hub, told about it at the conference “Finance of the Future: Challenges and Opportunities.”

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What else is known? According to Novikov, industry participants used about 1 GW of electricity to mine cryptocurrencies. However, the high efficiency of mining in Russia may be due to the widespread practice of illegal use of electricity. At the beginning of the year, the Energy Commission of the State Council proposed a complete ban on mining in residential buildings.

Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market, added that as early as in the second half of this year the Russian Federation plans to legalize the industry. Before that, the authorities need to agree on the liability provisions for the illegal use of cryptocurrencies. A total of four draft laws on the regulation of digital assets are currently under consideration.

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In addition, in the first quarter of this year, Russia for the first time came in second place in the world in terms of mining capacity, behind the US and ahead of the Persian Gulf countries.

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