Bitcoin mining as an export product. That is the new proposal from the Russian government, which proposes granting rights to miners so that they can sell their bitcoins (BTC) and cryptocurrencies produced in the country abroad.
During a workshop, Russia's Deputy Finance Minister, Ivan Chebeskov, assured that there is the option of allowing Russian miners sell their BTC as an export product. He also said they are working on a bill for this matter.
As Chebeskov pointed out, the law that enables the export of bitcoins is intended to be special legislation like the one that currently governs gas exports.
“We developed a concept based on a bill so that a miner can export bitcoins and cryptocurrencies, as a product. A legislative initiative of this type is also being formed,” he stated, according to informas the Russian media Ria Novosti.
In Russia and around the world, Bitcoin miners often go to exchanges to sell their mined BTC. However, due the sanctions that Western countries have imposed on the Russia, the government is looking for alternatives. negotiate their holdings with local companies
The Russian government's plan on Bitcoin mining coincides with the narrative that Vladimir Putin's administration has had in favor of the activity, which is recognized as an industry in the Eurasian country. Since early 2022, Putin has publicly expressed his support for Bitcoin mining. At that time he asserted that the country has an electrical surplus and trained personnel who can contribute to the development of the mining industry.
Russia's Economy and Energy ministries have also expressed their support for mining. Although they demand that the legal vacuum that reigns over the industry be solved and it be established that Bitcoin mining be carried out in regions of the country where there are electrical surpluses. That same year it was proposed that Bitcoin mining would come out of the shadows in Russia due to a bill that would allow, among other things, things, that Russian citizens could mine on their own. But as long as they are registered as individual entrepreneurs. This project did not pass through the State Duma.
Russia is currently the second country in the world with the highest recorded hash rate. It means that it is one of the nations with the greatest presence of Bitcoin mining activity. This is so since they dedicate 1 GW of electrical energy to the mining industry, far above other places that dedicate an average of between 100 MW and 400 MW.
The increase in Bitcoin mining in Russia has different reasons. One of them is that the economics of mining activity have improved steadily this year, as a result of the price increase that bitcoin has maintained practically since 2023 began. Added to this is the fact that Russia has become a kind of safe destination for mining operators seeking to escape the regulatory surveillance and oversight of the United States and other countries where they also the activity is carried out.
The low electricity prices in the Eurasian country are another reason for the boost that Bitcoin mining has had in that country. This, considering that rates range between 0.05 and 0.08 USD/KWh, an incentive for operators who are subject to costs operations to mine. However, not everything is rosy. This is precisely what BINANCE could say, which is the largest bitcoin and cryptocurrency exchange, and which has additionally been an example of how companies in the sector have been moving away from Russia, for being a nation sanctioned and singled out by a large part of the international community. This week it became known that the company would stop trading with Russian rubles on its platform. And it has been restricting accounts of users from that country since the beginning of last year.
