Mining as a "White Swan" of the Russian Economy: What Should be Done Now?
In 2023, Russia has moved up to second place in the world in terms of cryptocurrency mining, behind only the United States. Russia is conducive to mining due to several natural advantages: a cold climate, a surplus of green energy, and skilled personnel. The mining industry is already using around 1 GW of electrical power. However, the mining industry has enormous growth potential that is essentially not being tapped at the moment: experts say that mining could consume up to 5 GW of electric power, which would enable Russia to become the leader in this new high-tech and rapidly developing industry. The further development of mining is hindered by a lack of regulation, as the industry is actually in a grey zone. However, the legalization of mining would not only contribute to more investment in Russia, the creation of new jobs, and an increase in tax payments to the budget, but would also create the foundation needed to develop cryptoeconomics in the country: from cross-border settlements in cryptocurrency to the development of Russia’s own solutions in this area. What steps need to be taken to legalize mining? What will mining provide Russia as a legal activity? How will mining affect energy and other related industries?
