Russia's Energy Ministry's new registry aims to enhance regulatory oversight and compliance, addressing illegal mining activities and energy consumption tracking.
The Russian Ministry of Energy has established a registry for cryptocurrency mining equipment to regulate operations and enforce new tax rules. This initiative, aimed at identifying miners and tracking their energy consumption, targets regions with significant mining activity. Following the legalization of crypto mining in Russia last year, the registry seeks to formalize the sector, as currently only 30% of miners are registered. The move aligns with Russia's broader strategy to embrace the crypto industry and curb illegal electricity usage.