The head of the Russian Industrial Mining Association, Sergei Bezdelov, announced that the country urgently needs legislation to regulate cryptocurrency mining. It will help increase the capacity of existing farms and contribute to replenishing the state budget.

Over the past year, the official claims, $5 billion worth of digital currencies were mined in Russia. According to the association, data centers now account for 60% of the total electricity consumption of mining companies in the Russian Federation. However, as much as 40% (more than 1 GW) falls on the share of “gray and black miners”.

In order to reduce the share of mining that does not pay taxes to the treasury, the association proposes that energy workers create balanced consumption limits per month for the warm and cold seasons (by half-year). In addition, an audit of previously concluded contracts for electricity supply and technical connection should be conducted, tightening the conditions for connection to networks.

Sergei Bezdelov believes that such measures will allow industrial mining to become one of the drivers of economic growth in Russia:

“In a few years, according to our forecasts, industrial mining will be able to bring more than 50–60 billion rubles a year to the budget.”

In addition, regulation of mining will allow the Russian state to become a key player in the global digital economy, the head of the Industrial Mining Association assured.

Earlier, in the Gorodishchensky district of the Volgograd region, power engineers from the Rosseti-Yug company, together with police officers, liquidated three mining farms.