Russian cryptocurrency mining machine sales triple, regulatory attitude shifts towards relaxation

According to Cryptonews, in the fourth quarter of 2024, the demand for Russian cryptocurrency mining machines and related services tripled year-on-year. Sergey Bezdelov, Chairman of the Industrial Mining Association, stated that this is due to new regulations allowing individuals and businesses to legally mine within a certain range of energy consumption. The new regulations grant legal status to mining and require miners with over 6000 kilowatt hours to register, but they are still in a relatively relaxed regulatory environment. The Russian Ministry of Finance predicts that the tax revenue for cryptocurrency miners can reach $500 million annually. At the same time, lawmakers have stated that regulation may be further simplified, especially targeting companies that use cryptocurrency to evade sanctions, in order to promote market development.