Also read: Ukrainians Advised to Pay 19.5% Tax on Crypto Incomes
According to RACIB, more than 400,000 people are employed in the sector with 70,000 enterprises operating hundreds of thousands of mining rigs. Some of those are industrial-size farms, however, many ordinary Russians are also mining cryptocurrency in their homes and garages. Shcheltsin and his colleagues believe the number of amateur miners is gradually decreasing while professional players in the market are growing and hiring more experts, from electricians and cooling engineers, to IT specialists and program developers.
The first two are already under development, with RACIB participating in a joint project with the company Crypto Universe and in the national mining pool project called “Mine Russia”. Each of the pools has a planned capacity to support 3,000 mining units and will be mining a number of leading cryptocurrencies. RACIB’s role will also include collecting and sharing statistical and analytical data with the participating firms.
Russian authorities are preparing to adopt the long-awaited crypto regulations. The revamped legislation will be presented for public discussions in October, before lawmakers in the State Duma accept it for the second reading and final approval. Three bills aimed at regulating different aspects of the crypto space were voted on first reading this spring but their adoption was postponed for the fall session of the lower house of parliament to give deputies enough time to synchronize the drafts. Most Russian officials and regulators favor crypto mining but are less eager to accept the legalization of cryptocurrencies and allow their circulation in the country.
Arseniy Shcheltsin is confident that the demand for mining pools in Russia will increase. He also points out that Russian pools will offer more favorable conditions to local miners in comparison with foreign pools, which often take up to 20 percent of the hashing power of the participants. RACIB’s president also promises there will be no hidden fees for the transfer of assets and the connecting of mining equipment to the network.
The Russian Association of Cryptoindustry and Blockchain plans to facilitate the “full legalization” of the mining business. This month RACIB will present a proposal to introduce a certification regime for crypto miners. The documents and standards are currently being prepared in cooperation with representatives of the industry. Mining enterprises will have to meet more than 30 requirements before they are certified. Russian mining projects at a total investment cost of 5 billion rubles (~$71 million) are planned for realization by the end the year.
What are your expectations for the future of cryptocurrency mining in Russia? Share your thoughts on the subject in the comments section below.
Images courtesy of Shutterstock, RACIB.
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source: https://news.bitcoin.com/russia-developing-own-mining-pools/
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