Russia has officially launched a national registry system for mining equipment aimed at curbing unregistered mining. The system was developed in collaboration with the Ministry of Energy, the Ministry of Digital Development, and the Federal Tax Service.
Objectives of the Registry
The registry aims to completely eliminate unregistered cryptocurrency mining. It allows for precise measurement of electricity consumption at mining facilities, forming the basis for taxation and regulation. According to state agency RIA Novosti, this initiative is targeted at eradicating illegal mining operations.
Expansion of the System
The system was initially deployed in high hash rate regions such as Irkutsk, Krasnoyarsk, and Yakutia. It is expected that the system will expand nationwide within the year, rendering unregistered mining technically impossible. Energy planners view the registry as strategically important due to its contribution to more effective grid balancing.
Tightening Control Measures
Just before the implementation of the registry, the government suspended mining in power-constrained regions for six years, effective until March 15, 2031. Concurrently, the Federal Tax Service launched a portal for miners to declare their earnings online. The Ministry of Digital Development has also drafted legislation granting courts the authority to confiscate mining devices and unregistered cryptocurrencies.
Russia is actively working on regulating cryptocurrency mining by introducing new initiatives and legislative measures, which could significantly affect the market and mining structure in the country.
