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Russia’s Industrial Mining Association Director, Sergey Bezdelov, announced a record-breaking year for Bitcoin mining, producing approximately 54,000 BTC—worth over $3 billion. The nation’s mining operations contributed significantly to the economy, generating around 50 billion rubles ($556 million) in taxes, as reported by Izvestia.
Following the recent legalization of crypto mining in July, Russia has positioned itself as a burgeoning hub for crypto investors. This move, sanctioned by the State Duma, not only legitimizes mining but also supports its use in international trade, promising an increase in tax revenues and economic growth.
Amid Western sanctions, these developments mark a strategic pivot towards expanding Russia’s cryptocurrency operations. Experts suggest that the legalization is a key component of broader efforts to leverage the digital asset industry in circumventing economic barriers.
