Sergey Bezdelov, director of the Russian Industrial Mining Association, revealed that about 54,000 BTC worth more than $3 billion were mined in Russia last year. These mining activities generate about 50 billion rubles (about $556 million) in tax revenue for the Russian government. Bezdlov believes that the recent legalization of cryptocurrency mining will increase investor interest and further increase tax revenue. In July, the Russian State Duma passed a bill to legalize bitcoin mining and allow the use of cryptocurrencies in international trade. The move establishes cryptocurrency mining as a legal economic activity, requiring legal entities to register or comply with specific energy consumption restrictions.