Last Updated: 23 September 2022
Russia’s Economic Development Ministry agrees with a number of other government agencies: they are going to legalise bitcoin mining.
— Breaking Bitcoin & Crypto Nieuws & achtergronden (@bitcoincryptonl) September 23, 2022
Bitcoin mining in Russia
The move was announced at a crypto summit held in Moscow. There is an important condition, though: bitcoin mining seems to become legal only in places where there is an abundance of electricity.
The Russian chairman of the Congress finance committee said, “Let them make money.”
Together with other government agencies, a group is being set up to look into effective and efficient standards for the cryptomining industry. It will focus on what will and will not be possible for bitcoin miners.
The Russian government wants a developer ‘standard’, which will help data centre owners make optimal hardware uptime available to investors. This can be read on Coinedition.
Commitment to profit
The idea behind the standards is that mining rigs can run optimally and generate optimal profits. The rules will reportedly be released in February 2023.
Sources report that the proposal is being designed by the Russian Association for the Crypto-economics, Artificial Intelligence and Blockchain (RACIB) in collaboration with mining industry.
Among other things, it is going to look at the amount of energy used and how it affects the environment and surroundings. They are also reportedly looking at external factors such as humidity, season, region and the specific location where the mining farm is located.
More positive noise
Sentiment around bitcoin in Russia seems to be turning around. Whereas the central bank long advocated a ban and several government bodies did not see the essence of digital internet money, positive news is now coming out regularly.
Earlier, it became clear that they wanted to officially recognise the mining industry by levying taxes. There was even talk of accepting bitcoin payments for international trade.