Bitcoin mining is hot in Russia, and the demand for mining machines has doubled after legalization
Have you heard? Bitcoin mining in Russia is in full swing now! In the fourth quarter of 2024, the demand for Bitcoin mining machines soared by two times, all because Bitcoin mining was legalized in Russia last year. President Putin waved his hand and signed a law, and Bitcoin mining took root in Russia and quickly became popular.
Now, Russia is the second largest in the world in Bitcoin mining, accounting for 16% of the market share, all thanks to their abundant energy and flexible mining rules. Small-scale miners do not need to register, only large-scale ones need to, and they have to pay a 15% tax.
After legalization, domestic and foreign investors are jealous and come to Russia to mine. The head of the Industrial Mining Association said that Bitcoin mining is a new way to diversify assets, and even investors from BRICS countries have come.
However, Russia is not just thinking about mining, they also have to take care of energy security. Therefore, mining is prohibited or restricted in some areas to ensure a stable energy supply.
Although Russia is quite open to cryptocurrencies, supervision is still strict, especially for foreign transactions. The Bank of Russia has issued new regulations requiring residents to register foreign trade contracts involving digital assets, but it does not control everything. It has set a reasonable threshold to avoid too much headache for everyone.
To be honest, Russia's attitude towards cryptocurrencies has changed a lot. It used to be entangled, but now it is actively developing. Behind this, it may be related to Western sanctions. Russia wants to rely on Bitcoin to reduce its dependence on the US dollar. Now, Russian companies have begun to use Bitcoin for cross-border transactions. This is a big step in the field of cryptocurrency!
