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Putin’s big deal!
Russia leads the way in Bitcoin mining, and new laws will help it continue to lead!
Putin: Russia leads the way in Bitcoin mining
On September 10, Russian President Putin delivered a speech at the Eastern Economic Forum and announced an eye-catching news:
Russia has become one of the global leaders in Bitcoin mining.
This status is achieved thanks to the abundant excess energy in regions such as Siberia, which provides unique conditions for Bitcoin mining.
However, while affirming this achievement, Putin also issued a warning. He emphasized that although Bitcoin mining brings significant tax benefits to Russia, these activities should not hinder other development processes in the region.
This means that while Russia is enjoying the economic dividends brought by Bitcoin mining, it must also ensure its sustainable development and diversification.
Previously, a report by Sergey Bezdlov, Chairman of the Industrial Mining Association, revealed Russia’s specific achievements in the field of Bitcoin mining.
According to reports, Russia produced 54,000 Bitcoins in 2023. This number not only demonstrates its strength in the field, but also brought more than $550 million in tax revenue to the country.
It is worth mentioning that in order to further regulate and promote the development of this industry, Putin signed an important law on August 8, officially legalizing cryptocurrency mining activities in Russia.
This move undoubtedly provides a solid legal guarantee for Russia’s continued leadership in the field of Bitcoin mining.
