Russia Introduces Register for Bitcoin Mining Equipment
In a significant move to regulate Bitcoin mining, the Russian government has launched a mandatory register for mining equipment. According to IT BOLTWISE® x Artificial Intelligence, this initiative aims to curb illegal mining activities and better manage energy consumption. The register, announced by the country's energy authority, is designed to ensure that mining without state approval becomes impossible. Deputy Minister Yevgeny Grabchak emphasized that the register specifically targets mining in regions where it is prohibited.
In December, the government banned mining in ten regions, including occupied Ukrainian territories, for the next six years. Seasonal restrictions are also planned for other mining hotspots during periods of high energy demand. The energy authority highlighted the importance of optimizing mechanisms to identify mining activities and enforcing bans in affected regions. However, it remains unclear whether miners need to register their equipment at the time of purchase or after installation.
The register is a response to concerns from lawmakers about the difficulty of enforcing last year's ban due to the prevalence of "gray" miners operating underground. These unlicensed operations, often disguised as other industrial activities, have been blamed for power outages in some areas. Additionally, the Russian government has introduced a new service allowing miners to report their earnings through online tax accounts. This service enables individual miners to submit information about mined digital currencies to the tax authority, with reports due by the 20th of the following month.
In 2023, Russian operators mined 54,000 BTC, valued at $3 billion at the time, contributing 10 billion rubles ($100 million) in taxes. The Russian Industrial Mining Association attributes this success to the formal registration and licensing framework, which has attracted institutional miners. For more details, visit the original article on IT BOLTWISE® x Artificial Intelligence at https://www.it-boltwise.de/russland-startet-register-fuer-bitcoin-mining-ausruestung.html.
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