Crypto Mining in Russia: The Insane Surge of Legitimacy!

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Well, well, well! According to a high-ranking Moscow lawmaker, the number of officially registered crypto mining companies has gone from a pitiful 91 in early 2024 to a jaw-dropping 1,000 today. Talk about a surge, right? 😲

Why the sudden explosion, you ask? Simple: a new law passed in the fall of 2024. It says that anyone using more than 6,000 kWh of electricity per month must sign up with the Federal Tax Service (FTS). Oh, the joys of bureaucracy! 📜

According to reports from the ever-reliable RBC, the “white” miners (those doing it by the book) now outnumber their sneaky, unregistered counterparts by a mile. Who’s laughing now? 😆

The Rise of the Registered Miners

So, what does this mean for the miners? Well, the new register forces them to spill the beans on how many coins they’re mining and where they’re hiding them. And let’s not forget—those sweet, sweet taxes are coming for them! 🤑

Russia sees a tenfold increase in registered crypto mining firms #russia #cryptomining

— Dimsumdaily Hong Kong (@dimsumdaily_hk) July 25, 2025

Industry insiders are forecasting that this could bring in up to $500 million each year! Cha-ching! 💰 The mining bigwigs have been lobbying for clear rules, and looks like they got what they wanted—no outright bans, just good ol’ regulation.

Grid Overload Nightmare: Miners vs. The Power Lines

Before registration was forced, many miners kept their operations under wraps. Who could blame them? They didn’t want to end up with a fine or, worse, a shutdown. 🙄

But, uh-oh! Some cities and districts had to face the terrifying sight of blackouts because the power grids couldn’t handle all those mining rigs chugging away. Oops! ⚡

Thankfully, Alexey Nechaev, head of the New People Party, assures us that these chaotic days are fading fast. Phew! 💨

And guess what? Industrial miners aren’t just investing in ASICs. Oh no. They’ve poured a whopping $60 million into AI projects this year. Who knew crypto miners had such techy ambitions? 🤖

According to FTS data, this means more money stays in Russia instead of flying off to the West. Russia’s crypto scene is clearly not just about coins anymore—it’s about all kinds of shiny gadgets! 🔧

And let’s not forget Bitcoin. Russia now holds over 150 EH/s (or about 17% of the global Bitcoin hashrate). That’s right, Russia is now the world’s second-biggest Bitcoin miner after the US! 💪

Domestically, Russia’s 2024 Bitcoin haul could reach up to 40,000 BTC—that’s around $4.8 billion at today’s prices! Look at those numbers! 🤩

Lawmakers’ New Hobby: Seizing Crypto Assets

Now, not everyone is happy with all this mining madness. A top Russian policymaker is suggesting that courts treat crypto coins as “intangible property” so that they can seize assets from those pesky illegal miners. Ouch! 😬

Adding crypto to property laws would give the state a tighter grip on unregistered operations. So, if you’re still mining in the grey zone—well, you might want to reconsider your life choices. 😅

For now, the government seems to have made its peace with one thing: regulation is the way forward. So long as they know exactly who’s mining what and where, Moscow hopes to keep the lights on, tax books filled, and the tech sector booming. Sounds like a plan! 🔌

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2025-07-26 07:44