Note that in Russia, attitudes towards cryptocurrency mining are still ambiguous. Officials last commented on the topic of coin mining earlier this week.

In particular, representatives of the Ministry of Economic Development have proposed to equate cryptocurrency mining with entrepreneurship, which would help ensure regulatory regulation of the niche. According to the ministry, this type of activity "fits well within the definition of entrepreneurial activity enshrined in the Civil Code.


According to the authorities, recognising mining as a category of activity would help increase tax revenues for the budget.

Russia and digital currencies

At the same time, Anatoly Aksakov, head of the committee on financial markets, stressed the need to define the basis for the payment of taxes for the production of digital assets.

Accordingly, the situation with the regulation of this niche in the Russian Federation now is far from ideal. In addition, regulators point out that many miners in the country do not pay taxes on their income.

Cons of cryptocurrency mining

As a reminder, cryptocurrency mining has become a very popular source of income for many Iranians, as the government officially legalised the activity back in 2019. At the same time, local businesses had to obtain licences from Iran’s Ministry of Industry in order to legally mine digital assets. At least 50 companies registered the relevant documents right away.

Crypto Farm

While registered businesses must pay higher export rates for the electricity they use, private consumers in Iran have access to subsidised electricity for households. Affordable cheap energy and rising cryptocurrency prices last year have led to the emergence of illegal mining farms across the country.

Both authorised and underground miners were largely blamed for the shortage of electricity this summer, when extremely hot weather increased demand for the resource. In May, authorities imposed a temporary ban on all cryptocurrency mining to ease the power shortage. Then in August, Tavanir officials announced that they were lifting the restrictions for licensed miners on 22 September.

Accordingly, cryptocurrency mining in the state was officially banned for more than three months. As the authorities said at the time, the measure was forced, and the officials themselves feared a serious power outage in the whole country, which was the pretext for the mining ban.

Iran’s energy consumption growth from 1990 to 2019

However, those who were operating illegally continued to “steal” electricity and go against the restrictions. Tavanir has seized more than 221,000 pieces of equipment from 5,756 crypto-farms throughout the duration of the bans. Ordinance violators now have to pay court-ordered fines.

According to official estimates provided by the power company, crypto farms sanctioned by the Ministry of Industry currently consume about 400 megawatts of electricity. At the same time, unlicensed miners are accused of burning almost 2,000 megawatts daily.

It is important to note that mining cryptocurrencies amid the current market growth is very profitable. Specifically, over the past few days, all Etherium miners have been earning the equivalent of more than $70 million per day. At the same time, the figure was around 31-32 million in the summer - during a period of coin niche correction. This means that the industry continues to recover, which explains the high demand for crypto mining.

Graph of Etherium mining yields


We believe that the active desire of Iranian citizens to mine cryptocurrency is easy enough to understand, as the occupation allows earning. This is especially true now as Bitcoin continues to set new price records and generally strongly hints at the continuation of the bull run. One can assume that there will only be more illegal miners in the country going forward.


Look for even more interesting things in our millionaires cryptochat. There we will discuss the latest news affecting the blockchain and decentralization industry.