Russia has established a register for cryptocurrency mining equipment to aid local authorities in combating illegal mining activities.
Creation of the Mining Equipment Register
The Ministry of Energy, the Federal Tax Service, and the Ministry of Digital Development in Russia have created a register of devices used for cryptocurrency mining. According to Deputy Energy Minister Petr Konyushenko, this measure will enhance the tracking of electricity consumers engaged in mining activities.
Measures Against Illegal Miners
Russian authorities are intensifying their efforts to combat illegal mining farms that often use stolen electricity. New mechanisms are being introduced, such as collaboration with telecom companies to track internet traffic, which will assist in identifying illegal mining operations.
Legalization of Mining in Russia
A law adopted in the summer of 2024 legalized the mining of digital currencies in Russia, requiring companies and individual entrepreneurs to register and pay taxes. However, private individuals can mine without registration as long as their electricity usage does not exceed a certain threshold.
The creation of a mining equipment register in Russia represents a step towards legalizing the industry and reducing the illegal consumption of electricity in the sector. This initiative aims to improve control over cryptocurrency mining activities.
