According to local media reports, Russia has seen a 3x demand increase in Bitcoin mining equipment from 2023 to 2024. Mining in the country previously existed in a legal grey area, but it’s becoming more broadly accepted.

Although there are mining bans in several Russian regions, the government is noticeably becoming more interested in crypto.

Russia Has New Mining, New Crypto Interest

According to the report, crypto mining in Russia has benefited from relaxed regulatory standards, which transformed the sector from a legal gray area to a thriving business opportunity.

There has been a noticeable increase in the country’s mining output for months now, but this high demand helps quantify growth.

“Individuals can mine cryptocurrency without being included in the register, but within the limits of electricity standards (6,000 kWh per month). If this standard is exceeded, the citizen must register as an individual entrepreneur and apply for inclusion in the register,” claimed Sergey Bezdelov, director of the Industrial Mining Association.

Russia has had a complicated relationship with the crypto space recently. For one thing, President Putin has acknowledged Bitcoin’s use case in several key areas, and the country even advocated for other BRICS members to adopt the digital asset.

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Author: Landon Manning