Cryptocurrency

2024

<p>Starting November 1, 2024, Russia will implement a groundbreaking law that will fully legalize cryptocurrency mining within its borders. Under the new law, <a href="https://ultramining.com/news/en/blockstream-aims-for-bitcoin-profit-with-mining-rig-investment-ahead-of-2024-halving/" rel="noopener noreferrer nofollow">mining companies</a> and individual entrepreneurs will be required to register in a special registry to legally continue their operations. This move is expected to bring transparency to the mining sector and reduce the number of <a href="https://ultramining.com/news/en/abkhazia-intensifies-crackdown-on-illegal-crypto-mining/" rel="noopener noreferrer nofollow">illegal mining</a> farms that currently consume excessive amounts of <a href="https://ultramining.com/news/en/minnesota-man-faces-accusations-of-electricity-theft-for-bitcoin-mining/" rel="noopener noreferrer nofollow">electricity</a>.</p>
<p>However, miners operating without registration or who exceed certain energy consumption limits will face harsh penalties, including equipment confiscation and multi-million ruble fines. Authorities are determined to crack down on the "grey" mining market, which has been blamed for contributing to energy shortages in <a href="https://ultramining.com/news/en/russia-s-energy-ministry-charges-forward-to-legalize-crypto-mining/" rel="noopener noreferrer nofollow">Siberia</a> and other key regions. By creating a clear regulatory framework, Russia aims to make mining a legal and profitable business, while cutting off illegal activities that strain the energy sector.</p>

Russia to Legalize Cryptocurrency Mining on November 1, 2024

Ultramining_Eng

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