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.
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.
In an effort to broaden its investor base, the ARK 21Shares Bitcoin ETF (ARKB) will undergo a 3-for-1 stock split on June 16, making shares more affordable for everyday investors.
Following a 6.4% pullback from its record high of $111,980, Bitcoin has stirred debate among analysts about what comes next.
Japanese investment firm Metaplanet has made another bold move in the crypto space, acquiring 1,088 more Bitcoins in its latest purchase, and pushing its total holdings to 8,888 BTC—valued at over $930 million at current prices.
As more corporations rush to add Bitcoin to their balance sheets in hopes of replicating the success of early adopters, concerns are growing that many of these firms may not have the resilience to endure a sustained crypto downturn.