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Russia agrees to subsidise a large crypto-mining facility

Russia agrees to subsidise a large crypto-mining facility 12

The Russian government approved a subsidy for a very big mining facility in Buryatia. 

Russia is a very big country in the world and its stance toward the crypto & blockchain sector was not much clear till mid-2022. Before Feb 2022, the Russian Central Bank, Bank of Russia, was planning to introduce a blanket ban on cryptocurrencies just like China’s National crypto ban. But the whole situation changed something after the start of the Russia vs Ukraine conflict, which started in early Q1 2022. 

According to recent local Russian news media reports, the Russian government approved a subsidy for a very big mining facility. 

This mining house will be ready to operate in mid of this year and will run 30,000 mining machines. Mining operations will consume 100 megawatts from the power grid. 

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Under the subsidy, this mining house will not pay commercial business & land tax and also will get a 50% subsidy on electricity bills over the usual mining electricity bill rates. 

Dmitry Khameruev, director of the Buryatia KRDV, stated:

“These are zero taxes on land, property, insurance premiums reduced to 7.6%, reduced income tax rate. After connecting the resident’s facility to the unified national electric grid, the electricity tariff will be reduced by about half.

The mining corporation will give some better support to the Russian government’s initiatives to develop Russia’s Far Eastern Federal District economically. It will support some of Russia’s poorest districts and republics, including investment projects in regions like transportation, tourism, energy, natural resources, and innovation. 

Financial sanctions on Russia

In March 2022, the majority of the big countries & continents like the US, EU & UK sanctioned the Russian economy. Through international financial sanctions, Russian haters tried to slow down the confidence of the Russian government to stop Russian military invasions on Ukraine. 

To this date, Russia is facing financial sanction issues and now the country’s different government agencies are trying to bring a decentralised payment system to bypass all such sanctions easily. For this, they are considering using Gold pegged stablecoin, Bitcoin & Ethereum.

Read also: Kraken stops staking services for US customers

Russia agrees to subsidise a large crypto-mining facility



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