Here’s How Much Bitcoin (BTC) Was Mined in Russia in 2023

According to Sergey Bezdelov, director of the Industrial Mining Association, approximately 54,000 Bitcoin (BTC) tokens worth about $3 billion were mined in Russia in 2023.

Speaking at the Eastern Economic Forum 2024, Bezdelov estimated that this mining activity could generate around 50 billion rubles in tax revenue for the Russian government.

He expects the recent legalization of cryptocurrency mining in the country to attract more investors and further increase tax revenue.

On August 8, Russian President Vladimir Putin signed a law officially legalizing crypto mining. This means that this operation is now recognised as a legitimate economic activity, allowing legal entities to engage in it provided they register or comply with certain restrictions on energy consumption.

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The new law is also expected to encourage infrastructure investment and contribute to Russia’s broader economic growth.

In addition, local reports indicate plans to establish at least two crypto exchanges in Moscow and St. Petersburg. These exchanges would facilitate international trade and align with Russia’s broader strategy to strengthen economic ties with the BRICS countries.

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Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.