Russia Launches Crypto Mining Registry to Regulate Power
Russia’s Ministry of Energy, Federal Tax Service and Ministry of Digital Development have launched a national crypto mining registry to curb illegal mining and ease power grid pressure. Under the system, operators must register each rig by serial number and device model. The registry enables authorities to identify unlicensed farms using illicit or subsidized electricity and enforce a 15% tax on mining revenue.
Legal miners must report earnings and power use via an integrated online tax platform. Private individuals consuming under 6,000 kWh per month only need to declare income. By improving transparency of energy consumption and taxation, the crypto mining registry supports grid stability, formalizes the sector and strengthens regulatory oversight.
Neutral
The introduction of a national crypto mining registry provides clarity on mining regulations and integrates tax compliance, which may increase operational costs for miners but enhances transparency and grid stability. In the short term, enforcement could lead to reduced unauthorized mining and a slight adjustment in hash rate, but unlikely to significantly affect coin prices. Over the long term, formalization and stable energy usage support a more reliable mining ecosystem, fostering investor confidence. Overall, the impact on cryptocurrency prices remains neutral as the registry balances increased oversight with sector stability.