Delays Hit Russian Crypto Mining Legislation Drive
Russian lawmakers have acknowledged that the highly anticipated draft law to legalize industrial crypto mining is facing further delays. Valery Seleznev, the Deputy Chair of the State Duma’s Energy Committee, expressed skepticism about the law being passed in the fall, as reported by the news agency TASS.
Prolonged Debates on Legalizing Industrial Mining
Politicians have been discussing proposals to legalize industrial mining for several years. This comes after extensive lobbying efforts from miners who have been advocating for the industry’s legalization. Miners have been particularly active this year, pushing Moscow to recognize their industry officially. They are willing to pay taxes on their earnings in exchange for this recognition. Miners believe that gaining official status as a government-approved “form of entrepreneurship” will attract more domestic investment to their sector.
Continued Divisions in Moscow
Despite reports suggesting progress, Seleznev indicated that there are still divisions in Moscow regarding the mining bill. He emphasized the need for “clearer approaches” to explain the necessity of mining and the development of technologies related to cryptocurrency production and circulation. Speaking at a meeting of the Russian Union of Industrialists and Entrepreneurs’ Electrical Power Commission, Seleznev stated that the State Duma would not approve the mining bill in the current parliamentary session. He also doubted its approval in the fall session, citing legal and technical comments received about a month ago.
Will Miners Have to Pay for Electric Grid Infrastructure Changes?
Seleznev mentioned that miners would need to provide guarantees about power consumption, addressing concerns raised by energy industry officials. He also suggested that miners should contribute to the construction of a new generation of improved power networks, which would better meet the needs of Russian crypto miners. Late last month, Russian power industry officials noted that crypto miners in the country aim to bring 6.9 GW worth of capacity online, while the nation’s current cumulative crypto mining capacity stands at 2.7 GW. Industry leaders claim that Russia’s industrial crypto mining sector is now second in size only to that of the USA.
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