Speaking at the Eastern Economic Forum, Vladimir Putin, Russia's president, said his country had become one of the world leaders in bitcoin mining. He explained that this was because it was possible to take advantage of the energy glut in regions such as Siberia, but he also warned that such activities should not hinder the development of the region. According to a report by Sergei Bezdlov, president of the Industrial Mining Association, Russia produced 54,000 bitcoins in 2023, generating more than $550 million in tax revenue for the country. However, Bezdlov assessed that this number will increase due to the recent approval of the cryptocurrency mining law due to the influx of new investors in the sector.