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State Duma suggests using the heat from mining farms in housing and utilities sector

The Deputies of the State Duma have assumed that thermal energy produced by cryptocurrency mining equipment could be put to use in housing and utilities sector.

The Deputies of the State Duma have assumed that thermal energy produced by cryptocurrency mining equipment could be put to use in housing and utility sector.

According to the view voiced by the Head of the State Duma’s Committee for Financial Market Anatoly Aksakov, cryptocurrency miners could sell the heat, generated by their farms as by-product in the process of mining, to housing and utility services providers.

“Given that really much heat is generated this way, it could be sold, and, presumably, the housing and utilities maintenance companies will be really willing to purchase such surplus heat energy for a cheaper price, as this heat is an actual by-product of mining”, — Aksakov assumed.

He also objected to providing tax allowances for cryptocurrency mining enterprises, stating that this type of activity does not fall into category of socially important ones.

“I think that cryptocurrency mining should not benefit from any tax preferences. They should be subject to the general tax law and other regulations, like any other legit business. Again, this is not a special project at all, and there should be no room for tax allowances left here”, — he stated.

Aksakov also reiterated that taxation of income coming from cryptocurrency mining will be mandatory:

“Yes. This is normal. One has to get ready for paying more taxes, if one’s business grows”

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