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At the St. Petersburg International Economic Forum (SPIEF) from June 5 to 8, 2024, key discussions centered on mining and the use of cryptocurrencies in foreign economic activities (FEA). The session "Industrial mining - a direction for international cooperation" on June 6 featured industry representatives, government officials, businesses, and media. They emphasized the need for immediate regulation of cryptocurrency mining, according to <a href="https://www.rbc.ru/crypto/news/6662feed9a794726d4e6c505" rel="noopener noreferrer nofollow">RBC</a>.
The Industrial Mining Association estimates Russia's industrial mining market at 1.5 GW, with over 2 GW of total cryptocurrency mining. In 2023, the largest Russian mining companies generated over 20 billion rubles in revenue. The speakers highlighted mining's benefits for the Russian economy, including investment growth, job creation, additional tax revenue, and financial liquidity for international settlements.
Russia is second in the world for mining capacity, trailing only the United States. More than half of the market consists of 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. Currently, a draft law is being negotiated to regulate mining and cryptocurrency use in international settlements.
Sergey Bezdelov, Director of the Industrial Mining Association, emphasized cryptocurrencies' importance for cross-border payments, especially when Russia faced issues with the SWIFT system two years ago. He also highlighted the Association's social responsibility, including charity work and support for veterans. Bezdelov mentioned ongoing AI development efforts and a partnership with Rostec for AI projects.
Stanislav Georgievsky, Vice President of the Russian Export Centre, noted the efficiency of cryptocurrencies in foreign economic activities, stressing the need for clear rules. He highlighted the speed and geographical reach of digital currency transactions compared to national currencies.
Igor Runets, CEO of <a href="https://ultramining.com/news/rossiya-sravnyalas-s-ssha-po-tempam-rosta-majninga-kriptovalyut/" rel="noopener noreferrer nofollow">BitRiver</a>, expressed optimism about the mining regulation bill but noted concerns, such as banning mining in energy-deficient regions. Runets supports creating an experimental legal regime (EPR) to ensure infrastructure resilience and transparency for Russian regulators.
Deputy Finance Minister Ivan Chebeskov stated that regulating cryptocurrencies and mining is a priority, viewing digital currencies as vital tools for business amid the declining credibility of traditional currencies. The Ministry of Finance supports relevant legislative efforts.
Denis Pushilin, Head of the Donetsk People's Republic, called cryptocurrencies essential under current restrictions, highlighting regional support for industrial mining and cryptocurrency development.
Anton Tkachev, First Deputy Chairman of the State Duma Committee on Information Policy, emphasized mining's role in technological sovereignty and AI development. He noted that mining companies are already allocating capacities for AI needs.
Valery Seleznev, First Deputy Chairman of the State Duma Energy Committee, argued that mining is crucial for technological progress and should receive state support. He described mining as a high-profit, liquidity-generating process of processing primary energy resources.
Timofey Semenov, CEO of Intelion Data Systems, noted the significant global energy consumption growth for AI and the expected increase in Russia. He emphasized the diversification of mining company capacities for different types of computing, particularly AI.
The SPIEF-2024 panel highlighted the significance of industrial mining and cryptocurrencies for Russia's economy, underscoring the need for regulation and technological development. The advancement of AI and cryptoassets presents new opportunities for international cooperation and Russia's technological leadership.

SPIEF 2024 Highlights the Economic Impact of Cryptocurrency Mining in Russia

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