Russia Mines 54,000 Bitcoins in 2023, Generates 50 Billion Rubles in Tax Revenue

Russia has successfully mined approximately 54,000 Bitcoins in 2023, with a value exceeding $3 billion, contributing around 50 billion rubles in tax revenue for the government. This significant development comes as Russia continues to solidify its position in the global cryptocurrency mining landscape.According to Bezdelov, president of the Russian Industrial Mining Association, the recent legalization of cryptocurrency mining has sparked a surge in investor interest, which is expected further to bolster tax revenues and investment in the sector.The move toward formalizing crypto mining came after Russian President Vladimir Putin signed a bill officially legalizing the practice. Under the new law, only registered Russian legal entities and individual operators are permitted to mine cryptocurrencies. However, individuals who stay within government-set energy consumption limits can continue mining without the need for registration.The legalization of mining is seen as a major step in regulating and expanding Russia's cryptocurrency sector, potentially attracting more institutional players and increasing the country’s influence in the global digital asset market.