TechFlow news, January 13 — According to Cryptonews, in the fourth quarter of 2024, demand for cryptocurrency mining equipment and related services in Russia tripled year-on-year. Sergey Bezdelov, chairman of the Industrial Mining Association, said this surge was driven by new regulations that allow individuals and businesses to legally mine cryptocurrencies within certain energy consumption limits. The new rules grant mining legal status and require miners exceeding 6,000 kilowatt-hours to register, although the overall regulatory environment remains relatively lenient. Russia's Ministry of Finance estimates that annual tax revenue from crypto miners could reach $500 million. Meanwhile, lawmakers indicated they may further streamline regulations, especially for companies using cryptocurrencies to circumvent sanctions, in an effort to promote market growth.
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