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The upcoming St. Petersburg International Economic Forum (SPIEF-2024), scheduled for June 5-8, will highlight critical discussions on Russia's industrial mining industry and its role in international settlements. A key panel discussion titled "Industrial mining - a direction for international cooperation" is set for June 6 at 17:00 Moscow time. This session will feature representatives from government agencies, banks, businesses, and the media, according to <a href="https://www.rbc.ru/crypto/news/66605f249a7947006dc56454" rel="noopener noreferrer nofollow">RBC</a>.
According to the Industrial Mining Association, Russia's mining market is estimated to have 1.5 GW of computing power dedicated to industrial cryptocurrency mining. In 2023, the revenue of the largest Russian mining companies surpassed RUB 20 billion, as reported by RBC-Crypto. Globally, Russia ranks second in mining capacity, trailing only the United States. Industrial <a href="https://ultramining.com/news/en/crypto-miners-shift-gears-ai-is-the-new-gold-rush/" rel="noopener noreferrer nofollow">data centers</a> with capacities of 10 MW or more dominate more than half of this market.
The panel will explore the prospects and demand for cryptocurrencies in foreign economic activities and the liquidity that Russian miners can provide. A draft law, currently under approval, aims to establish a regulatory framework for mining and the use of cryptocurrencies in international settlements.&nbsp;
Key speakers at the forum will include:
- Valery Seleznev, First Deputy Chairman of the State Duma Committee on Energy
- Ivan Chebeskov, Deputy Minister of Finance of the Russian Federation
- Anton Tkachev, Member of the State Duma Committee on Information Policy, Information Technologies, and Communications
- Sergey Bezdelov, Director of the Industrial Mining Association
- Igor Runets, Founder and CEO of <a href="https://ultramining.com/news/rossiya-sravnyalas-s-ssha-po-tempam-rosta-majninga-kriptovalyut/" rel="noopener noreferrer nofollow">BitRiver</a>
- Timofei Semenov, CEO of Intelion Data Systems
- Stanislav Georgievsky, Vice President of the Russian Export Centre
The discussion will address the integration of mining into the Russian legal framework from the perspectives of business, regulators, and energy companies, as well as the challenges in the current draft laws. Additional topics will include the investment potential of crypto assets, the development of exchange instruments in the Russian market, and the conditions for energy-intensive computing, particularly for artificial intelligence platforms.
This panel promises to be a pivotal moment for the future of Russia's cryptocurrency mining and regulation, shaping the industry’s role in global economic activities.

Russian Mining and Cryptocurrency Regulation to Take Center Stage at SPIEF-2024

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