Crypto mining in Russia: A very promising market

At the very beginning, Russia showed great aversion to digital assets. But since the war against Ukraine, his position has completely changed. It multiplies projects aimed at promoting digital assets. Lately, the central bank of Russia has expressed its readiness to allow crypto mining. Moreover, it already provides for various accompanying measures and related strategies. This includes tax incentives given to bitcoin miners in Siberia.

In order to promote crypto mining, Russia will give tax incentives to bitcoin miners in Siberia

A crypto mining center in Russia – Siberia

For many analysts, Russia is on its way to becoming a market leader in digital assets. The current administration is considering legalizing bitcoin. Added to this is the establishment of a project to increase the country’s crypto mining capacities.

With this in mind, we have built a crypto mining center in Buryatia. It is a constituent republic of the Russian Federation located in the south of Eastern Siberia. This economic zone will now have a $12 million crypto mining center. The facility has 30,000 mining machines, will employ more than 100 workers and consume 100 megawatts of electricity.

According statements, this structure will be operational in the first half of this year. Its management and construction fall to BitRiver. This company has established itself as a leader in mining and data centers in Russia.

Direct financial support and tax incentives from Russia

The Russian government allows the new crypto mining center to operate with zero land and property taxes. As for minors, they will benefit from an insurance premium reduced to 7.6%. Added to this is a reduction in the tax rate. The mining operator, meanwhile, will benefit from a reduction in the cost of electricity of up to 50%.

Russia imagines all the possible strategies to face the financial sanctions of the European Union. Apart from setting up a crypto mining center in Siberia, it is also finalizing its CBDC pilot program. To be continued…

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