Russian Ministry of Finance May Introduce Excise Tax on Electricity for Cryptocurrency Miners

Russia‘s Ministry of Finance is considering introducing an excise tax on electricity for miners before implementing a profit tax. Deputy Finance Minister Ivan Chebeskov stated that at the first stage, miners might be subject to an indirect tax on consumed electricity.

According to experts, cryptocurrency mining in Russia could bring about 50 billion rubles annually to the budget after 2025. However, exact revenue figures are challenging to determine, as miners may not disclose all their wallets.

Introducing an excise tax on electricity will allow the government to control and regulate miners’ energy consumption, which has significantly increased in recent years. According to the Ministry of Energy, the total electricity consumption by miners in Russia amounts to several gigawatts, comparable to the energy consumption of large industrial enterprises.