Russian Ministry of Energy Supports Mining Legalization

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The Russian Ministry of Energy has supported the proposal to legalize cryptocurrency mining, whereas the department is also working with the Ministry of Finance on the taxation of the mining industry, as announced by Deputy Chairman of the State Duma Committee on Information Policy Anton Gorelkin.

The Ministry of Energy believes cryptocurrency miners should consume electricity at a tariff for “other” consumers, and not at a tariff for the population, Gorelkin has said citing a letter from the ministry.

The ministry has noted the risks of disrupting “high-quality and uninterrupted power supply during mass mining in residential sectors,” because this activity significantly increases the load on the power grid. He has added:

“The ministry believes that these negative effects can be offset if mining is qualified as a type of commercial activity and an appropriate taxation model is created.”

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