Russian Crypto Miners Refuse to Play by the Rules—Here’s Why!

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  • Only 30% of Russian crypto miners have registered under new regulations.
  • Authorities plan central mining hardware registry to boost transparency.
  • Miners must now file monthly reports to the Federal Tax Service.

Russia’s grand attempt to wrangle the untamable crypto beasts has, unsurprisingly, not gone as planned. Despite new laws being brought into play at the close of 2024, the majority of miners are still happily dancing in the shadows, unregistered, and free from government grasp.

Only 30% of Russian Crypto Miners Registered with Tax Authorities

According to TASS (the Russian news agency, no less!), a modest 30% of the miners have bothered to register with the Federal Tax Service (FTS). This stunning revelation came courtesy of Deputy Finance Minister Ivan Chebeskov at the St. Petersburg International Economic Forum (SPIEF)—because, of course, they’re all in for “transparency,” just not quite yet. Chebeskov confessed that their early hope was to drag the mining industry out of its cozy shadows, but let’s just say… progress has been a bit like watching paint dry.

Chebeskov went on to explain that a full 70% of miners are still living their best unregistered lives. Sure, they’ve “made progress,” but it’s like building a house on quicksand—lots of effort, not much to show for it.

The Ministry of Energy, ever the optimist, announced plans to establish a central register for all crypto mining hardware in February 2025. This heroic effort is intended to give the government some semblance of control while making sure the whole operation isn’t just a glorified treasure hunt. TASS and Live Bitcoin News claim that every mining business must register in the new system, because what’s better than one more place for miners to ignore?

For those brave enough to comply, the Federal Tax Service has also unveiled a shiny new online portal to make reporting earnings easier. It’s the digital age, after all! This tool is conveniently aligned with the “On Digital Financial Assets, Digital Currency, and Amendments to Certain Legislative Acts of the Russian Federation.” Yes, that’s a real law. Just try saying that three times fast.

Government Pushes for Full Control of Crypto Mining Sector

Now, miners are required to submit monthly reports to the tax service by the 20th of each month. These reports must include how much digital currency has been mined, so basically, “Tell us everything, but don’t bother us with the details.” Compliance is key, or so they say.

In an unexpected twist, foreign companies are still flooding into Russia’s mining scene—particularly Chinese miners who are drawn to cheap electricity and an overabundance of energy. Because nothing says “come on in” like a low-cost energy bonanza! This foreign influx is giving Russian regulators nightmares, as enforcing the rules becomes more difficult by the day.

Yet, despite these obvious growing pains, Russia has managed to become a global titan in crypto mining. In 2023 alone, it churned out more than 54,000 BTC, solidifying its place as one of the world’s leaders in Bitcoin mining. Quite the paradox—embracing innovation while trying to play catch-up with the rulebook.

So, Russia marches on, attempting to regulate an industry that continues to sidestep the law. While the government is moving toward full control, don’t hold your breath—it might be a while before all miners are officially accounted for. Just remember: in the world of crypto mining, the only thing more unpredictable than the currency is the enforcement of the law.

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2025-06-19 22:06