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"The adoption of new laws in November that allow legal entities to include mining equipment in their balance sheets and pay taxes is an important step for the industry," he added.
Kopylov also mentioned that major local industry events, such as the Russia Blockchain Forum, have increasingly featured companies involved in cryptocurrency mining in Russia.
Nowadays, most of the large booths are occupied by companies offering turnkey services, from data center design to full equipment maintenance," he said, suggesting that mining has become not just a trend, but a fully developed industry with solid infrastructure.
Moreover, although Russian laws have prohibited foreign companies from establishing local mining operations, miners from many countries, including China, have been increasingly attracted to Russia due to benefits such as cheap energy.
“I saw many Chinese who would like to invest in this sector in Russia, not only because of the friendly relationship between Russia and China, but also due to the suitable and cheaper energy in Russia,” said the COO of Hotcoin to Cointelegraph.
“Many Chinese mining machine corporations have firmly established themselves in the Russian market, and it can be seen that more Chinese companies will want to join the Russian mining industry in the not-too-distant future,” he added.
