Russia mined over $3 billion worth of Bitcoin in 2023, generating $556 million in tax revenue

In 2023, Russia mined about 54,000 bitcoins (worth more than $3 billion), generating about 50 billion rubles (about $556 million) in tax revenue for the Russian government. Bezdelov, president of the Russian Industrial Mining Association, believes that the recent legalization of crypto mining will stimulate investor interest and further increase tax revenue. Earlier, Russian President Vladimir Putin signed a bill to formally legalize cryptocurrency mining. Only registered Russian legal entities and individual operators are authorized to mine, but individuals who do not exceed the energy consumption limits set by the government do not need to register to mine.