The expert predicted Russia the second place in the world in cryptocurrency mining

Russia can gain a foothold in the second place in the world in cryptocurrency mining, Oleg Ogienko, BitRiver’s director for government relations, suggested, speaking at the RBC Crypto forum “Cryptocurrencies, mining and digital assets” on December 5.

According to him, currently in the Russian Federation the power consumed for mining is 1.7 GW, 60% of which belongs to industrial data centers (from 10 MW), and 40% is distributed across the retail segment (population, individual entrepreneurs and other participants) .

“Given the potential for growth, industrial solvent mining will reach 5GW in the next two years with balanced and prudent industry regulation. This will provide an opportunity for Russia to firmly gain a foothold in the second place in the world in cryptocurrency mining (bitcoin and its derivatives, ether derivatives),” he explained.

Ogienko also spoke about the prospects for the development of the Russian economy with the introduction of a new law on cryptocurrencies, noting the financial effect.

“According to expert estimates, in the first year and a half, tax revenues to the Russian budget could amount to about 50 billion rubles, investments – up to 500 billion rubles in the next two to three years. It will also create over 10,000 jobs in mining and related industries (energy, information technology, financial technology),” the expert said.

As previously reported, on November 17, deputies submitted to the State Duma a bill regulating the procedure for mining digital currencies and their sale. According to the document, from January 1, 2023, miners will be allowed to sell the mined digital currency in two ways – through foreign systems and through a special Russian platform, which will be created as part of an experimental legal regime. In both cases, you will need to notify the Federal Tax Service (FTS) about the transaction.

As Anatoly Aksakov, head of the State Duma committee on the financial market, told Izvestiya on November 18, the volume of amounts that turn around in the mining market in Russia exceeds trillions of rubles, and according to some sources, reaches 5 trillion rubles.