Russia is now offering tax breaks to those who want to invest in cryptocurrency mining. Since the Ukraine war and ensuing financial sanctions, the Russian government has reversed its stance on cryptocurrency. As per an 8 February report by the local Russian media agency RBC, the state-owned Corporation for the Development of the Far East […]
Russia is now offering tax breaks to those who want to invest in cryptocurrency mining.
The new facility will house 30,000 mining machines, employ 100 people, and draw 100 megawatts from the power grid. It will open in the first half of 2023. Trover, Russia’s largest provider of crypto-mining co-location services, will own and operate the center.The mining center will benefit from a variety of incentives, including zero land and property taxes and a lower income tax rate. The mining company’s electricity costs will be cut in half.
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