DURING his speech at the Eastern Economic Forum, President Vladimir Putin mentioned that Russia has become one of the global leaders in bitcoin mining. He stated that this was made feasible due to the excess energy that can be utilized in regions like Siberia but also cautioned that these activities should not impede the region’s progress.
PRESIDENT Vladimir Putin has acknowledged Russia’s position as a leader in bitcoin mining and has elucidated the reasons that make the country conducive to the industry. During a speech at the Eastern Economic Forum (EEF) plenary, Putin recognized that Russia had emerged as an industry leader owing to the abundant energy resources available in its regions.
ACCORDING to the Russian news portal Izvestia, Putin stated:
“Russia is currently one of the world’s leading bitcoin miners, and this is due to the surplus of energy capacity in Siberia.”
HOWEVER, Putin cautioned about the potential impact of the spread of bitcoin mining in Siberia, elaborating that other uses for this energy were also pertinent to the country’s development. “Mining is beneficial, but the construction of housing, industrial and social facilities, and the supply of electricity to planned production facilities are no less, and perhaps more, important,” he emphasized.
ACCORDING to reports from the director of the Industrial Mining Association, Sergey Bezdelov, Russia generated 54,000 BTC in 2023, resulting in over $550 million in taxes for the nation. However, Bezdelov predicted that due to the recent approval of the cryptocurrency mining law, this figure would increase due to the influx of new investors in the industry.
PUTIN’S viewpoint echoes Energy Minister Sergei Tsivilev’s remarks. Tsivilev clarified that energy surpluses could be allocated to legitimate bitcoin miners, but priority was given to the social development program and the development of the national industry.
