According to the Russian news agency Tass, the Ministry of Energy in Russia has voiced its support for legalizing industrial cryptocurrency mining. The ministry expressed its desire for lawmakers to move forward with a long-awaited mining-related bill. The remarks were made during the St. Petersburg International Economic Forum.

Pavel Snikkars, the Energy Vice Minister, stated that the ministry fully supports the legalization of mining and anticipates the approval of a bill that would introduce taxation for miners. He emphasized the importance of recognizing crypto miners as a distinct category of energy consumers and the need for their identification.

Snikkars further acknowledged that specific regulatory measures would need to be implemented for crypto miners.

In summary, the Ministry of Energy in Russia is actively pushing for the legalization of industrial crypto mining, including the introduction of taxation for miners. They aim to establish clear regulations and identify crypto miners as a distinct category of energy consumers.

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Snikkars mentioned that the Ministry of Energy intends to introduce certain limitations on the generating capacities accessible to miners. Over the past few years, several crypto mining hotspots have emerged in Russia. One of the notable examples is the Irkutsk Oblast in Siberia, which has developed a complex relationship with crypto mining. Local authorities in Irkutsk have expressed concerns about the strain placed on energy resources by miners. However, they have also shown an inclination to allow some form of industrial mining to prosper. The main issue arises from the lack of recognition of crypto mining as an industry in Russia. Consequently, energy companies are typically unable to charge miners at industrial rates and instead resort to subsidized residential rates. In an attempt to address the situation, the ministry has allowed energy providers to identify miners and bill them at higher rates. However, this solution has proven inadequate. As an alternative, the ministry suggests establishing a distinct crypto mining rate separate from both industrial and residential rates. Miners have long urged Moscow to expedite the legalization of their industry.

The Vice Minister cautioned that if miners were allowed to operate without restrictions, it could have adverse consequences for the entire country. Snikkars emphasized the importance of regulating and legislating to address the energy consumption needs of this specific category of consumers. The goal is to establish stability in the situation surrounding crypto mining.