Russia’s Ministry of Energy supported the legalization of mining

The department is also discussing a taxation model for cryptocurrency mining jointly with the Ministry of Finance

11.04.2022 - 14:50

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What’s new? The Ministry of Energy of Russia supported the idea of legalizing mining. In addition, the Ministry of Energy jointly with the Ministry of Finance is discussing a taxation model for miners. The department believes that miners should consume electricity at a tariff for “others” consumers, rather than at a preferential tariff for the population. This was reported by State Duma deputy from United Russia Anton Gorelkin referring to a letter from the ministry on his Telegram.

Anton Gorelkin’s Telegram

What else does the ministry’s letter say? The Ministry of Energy sees certain risks of disruption to the uninterrupted power supply when mass mining takes place in residential sectors. The ministry stated that the activities of household miners will seriously increase the load on the power grids. However, the Ministry of Energy believes that all the negative effects can be leveled by qualifying mining as a type of commercial activity and creating an appropriate taxation model.

What preceded it? On March 26, 2022, Deputy Energy Minister Yevgeny Grabchak called for mining to be made legal as soon as possible. He believes that there is “a legal vacuum” in this sphere that should be addressed as quickly as possible. On April 6, 2022, the Ministry of Industry and Trade proposed to oblige miners to use domestic equipment. Denis Manturov, head of the ministry, believes that this will help to reduce information security risks.

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