Sergey Bezdelov, Director of Russia’s Industrial Mining Association, revealed that around 54,000 BTC, more than $3 billion, were mined in Russia last year. This mining activity reportedly generated about 50 billion rubles ($556 million) in taxes for the Russian government.

Bezdelov believes the recent legalization of crypto mining will boost investor interest and further increase tax revenue. In July, Russia’s State Duma passed a bill legalizing Bitcoin mining and allowing crypto use in international trade.