Russian Bitcoin 
$88,061 miners earned billions of dollars from Bitcoin, the largest cryptocurrency by market value last year. According to a new Izvestia report, Sergey Bezdelov, Director of the Russian Industrial Mining Association, stated at the Eastern Economic Forum held this month that 54,000 Bitcoins, worth over $3 billion, were mined in Russia in 2023.
Revenue to the State from Mining
According to Bezdelov, Bitcoin mining activities provided the Russian government with an additional tax revenue of 50 billion rubles (approximately $552 million). Bezdelov also believes that the new crypto regulations signed by Russian President Vladimir Putin last month, which officially permit Bitcoin and digital asset mining, could increase investments in mining activities.
New investors will come.
Russia Becomes Second Largest Bitcoin Miner
According to a report from April 2023, Russia has become the second-largest Bitcoin miner globally. The United States retains its position as the first. This development aligns with other significant steps Russia has taken in cryptocurrency adoption.
Use of Crypto in International Trade
Last month, Bloomberg reported that the Russian government plans to use digital tokens for cross-border transactions to ease payment difficulties for companies affected by international sanctions. Individuals familiar with the matter stated that Russia would attempt to trade rubles and crypto assets using the National Payment Card System (NSPK).
In August, Reuters reported that lawmakers in Russia passed a bill that would allow the use of cryptocurrency in international trade. This law is expected to come into effect this month.
Russia’s steps regarding crypto assets could lead to significant changes in international trade and financial relations. The use of cryptocurrencies and blockchain technology could impact both local and global economic dynamics. Investors and companies should closely follow these developments to determine their strategies.
