Over 5,000 mining farms operate in Tatarstan, a Russian region that accounts for 3% of the national cryptomining market.
Tatarstan's Ministry of Digital Development announced that more than 5,000 mining farms are active in the region.
The republic accounts for 3% of the cryptocurrency mining market in Russia. This was stated by Tatarstan's Minister of Digital Development Airat Khairullin on the sidelines of the VI Kazan Crypto Forum, according to Business Online publication. In total, around 135,000 mining farms operate in the Russian regions, Khairullin added during the opening of the event.
Talking about the more than 5,000 active farms in Tatarstan, Khairullin specified that "this equates to more than $100-150 million." The minister also noted that, in general, the mining market is also growing in the region.
weekly value of cryptocurrencies sent from Russian "whale" wallets between 02/08/2021 and 21/03/2022
As of 1 November 2024, all legal entities and sole proprietors in Russia that engage in cryptocurrency mining, as well as mining data centre operators, will be obliged to register in a special register managed by the Federal Tax Service. According to the Tax Service, by the end of the first quarter of this year, 722 entities between companies and entrepreneurs were registered, including 116 mining infrastructure operators and 606 miners. Tatarstan was listed as one of the regions with the largest number of legal miners.
According to Khairullin, there are no problems in the development of mining in the Russian market, but there is global competition related to the lower cost of electricity in some countries, such as Ethiopia. However, the report specifies that at the moment there is no talk of facilitation for miners in Tatarstan.
The Deputy Prime Minister of Tatarstan, Shamil Gafarov, said during the forum that the republic accounts for 3% of the Russian mining market. "The task of the republic's leadership is not to interfere with your work," the deputy prime minister was quoted by the publication as saying.
Tatarstan Advances In Crypto Regulation With Pilot Zone And Initiative For Cross-Border Payments
The head of Tatarstan's Ministry of Digital Development has proposed as early as early 2022 the creation of a "pilot zone" in Kazan to regulate cryptocurrencies. During the recent forum, Khairullin announced that Tatarstan intends to participate in the project to make cryptocurrency payments for foreign economic activities under the experimental legal regime (ELR) of the Bank of Russia. The founder of Cryptopolygon at IT Park and organiser of the forum, Yakov Tenilin, said that an organisation capable of handling cross-border payments under the EPR had been established in Tatarstan. According to him, it is currently being accredited by the Central Bank.
Russian companies have been making cross-border transactions in cryptocurrency for several years, despite the fact that the EPR is still in its start-up phase. The first payments under the Central Bank experiment were scheduled for the end of 2024.
Garantex, after US and EU sanctions, launches new Grinex platform, attracting millions in transactions. Find out how to challenge the international blockade.
Tatarstan's Ministry of Digital Development announced that more than 5,000 mining farms are active in the region.
The republic accounts for 3% of the cryptocurrency mining market in Russia. This was stated by Tatarstan's Minister of Digital Development Airat Khairullin on the sidelines of the VI Kazan Crypto Forum, according to Business Online publication. In total, around 135,000 mining farms operate in the Russian regions, Khairullin added during the opening of the event.
Talking about the more than 5,000 active farms in Tatarstan, Khairullin specified that "this equates to more than $100-150 million." The minister also noted that, in general, the mining market is also growing in the region.
As of 1 November 2024, all legal entities and sole proprietors in Russia that engage in cryptocurrency mining, as well as mining data centre operators, will be obliged to register in a special register managed by the Federal Tax Service. According to the Tax Service, by the end of the first quarter of this year, 722 entities between companies and entrepreneurs were registered, including 116 mining infrastructure operators and 606 miners. Tatarstan was listed as one of the regions with the largest number of legal miners.
According to Khairullin, there are no problems in the development of mining in the Russian market, but there is global competition related to the lower cost of electricity in some countries, such as Ethiopia. However, the report specifies that at the moment there is no talk of facilitation for miners in Tatarstan.
The Deputy Prime Minister of Tatarstan, Shamil Gafarov, said during the forum that the republic accounts for 3% of the Russian mining market. "The task of the republic's leadership is not to interfere with your work," the deputy prime minister was quoted by the publication as saying.
Tatarstan Advances In Crypto Regulation With Pilot Zone And Initiative For Cross-Border Payments
The head of Tatarstan's Ministry of Digital Development has proposed as early as early 2022 the creation of a "pilot zone" in Kazan to regulate cryptocurrencies. During the recent forum, Khairullin announced that Tatarstan intends to participate in the project to make cryptocurrency payments for foreign economic activities under the experimental legal regime (ELR) of the Bank of Russia. The founder of Cryptopolygon at IT Park and organiser of the forum, Yakov Tenilin, said that an organisation capable of handling cross-border payments under the EPR had been established in Tatarstan. According to him, it is currently being accredited by the Central Bank.
Russian companies have been making cross-border transactions in cryptocurrency for several years, despite the fact that the EPR is still in its start-up phase. The first payments under the Central Bank experiment were scheduled for the end of 2024.
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