Crypto mining could bring Russia $1 billion in taxes, report claims

Russia’s electrical surplus last year reached 20 GW. According to a study conducted by industrial mining solutions provider Bitcluster, that’s enough energy to power 14.8 million of the popular Antminer S9i ASIC devices. If Russia uses the excess electricity to mint digital coins, the state would receive 70 billion rubles (over $1 billion) just from VAT, the authors claim.

The report also calls for the establishment of a Russian crypto valley around one of Russia’s numerous hydroelectric power plants. The development of such a project for Russian miners would require an initial investment of only 1 billion rubles ($15 million).