PANews reported on January 13 that according to Cryptonews, in the fourth quarter of 2024, the demand for Russian crypto mining machines and related services increased threefold year-on-year. Sergey Bezdelov, chairman of the Industrial Mining Association, said that this was due to new regulations that allow individuals and companies to legally mine within a certain energy consumption range.

The new regulations give legal status to mining and require miners with more than 6,000 kWh to register, but it is still in a loose regulatory environment. The Russian Ministry of Finance expects that tax revenue from crypto miners could reach $500 million per year.

At the same time, lawmakers said regulations could be further simplified, particularly for companies using cryptocurrencies to circumvent sanctions, to boost market development.