Chairman of the Russian Energy Committee: Illegal crypto mining causes approximately $250 million in losses to Russia annually

PANews January 21 News, according to Cryptopolitan, Nikolay Shulginov, Chairman of the Russian Energy Committee, stated that illegal cryptocurrency mining causes losses of over 20 billion rubles (approximately $2.5 billion) annually to the Russian economy and energy sector, leading to power shortages, grid overloads, and affecting other users including social facilities and new residential buildings.
Russia has legalized crypto mining starting from the end of 2024, requiring practitioners to register with the Federal Tax Service and pay taxes, but currently less than one-third of practitioners have completed registration.
This week, the State Duma submitted a bill proposing administrative fines of up to 2 million rubles for illegal mining, with repeat offenders facing fines of up to 10 million rubles.
Shulginov further suggested introducing criminal liability, and the Ministry of Justice has also proposed imprisonment or “forced labor” for unregistered miners.
Additionally, the Duma has passed the bill in the first reading, authorizing the Ministry of Finance to regulate the crypto market (including mining) to eliminate administrative barriers and increase industry registration rates.