In a move to enhance the local crypto mining landscape, Russia’s Ministry of Energy will keep a national list of cryptocurrency mining equipment. This project hopes to make the use of mining equipment more consistent and make it easier for miners to obey the rules, especially for Bitcoin miners.
This registry is a result of collaboration between the Ministry of Energy, the Federal Tax Service, and the Ministry of Digital Development. This registry calls for all mining rigs to be registered so that energy use and tax compliance may be better monitored.
Deputy Energy Minister Petr Konyushenko stated, “Creating such a registry will allow accurate identification of consumers using electricity for mining needs. This is necessary to apply special regulation and taxation… It is a step toward legalizing the industry and reducing illegal consumption.”
According to this registry, anyone or any business that mines cryptocurrency must register their mining equipment and report how much electricity they use. The initiative has been done to put all the mining activities under the radar of the government and tackle overconsumption of energy.
This registry marks a pivotal change in the Russian crypto mining industry. The Russian government wants to make crypto mining more organized and make more money from taxes on the industry.
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