Cherednichenko O.V., Bondarenko N.E., Sizova T.V.
CRYPTOCURRENCY MINING AS A NEW TOOL FOR THE DEVELOPMENT OF VALUE CREATION NETWORKS IN THE RUSSIAN ECONOMY
UDC 33.330.101.54
Cherednichenko O.V.1 (Moscow, Russian Federation) – ocheredn@mail.ru; Bondarenko N.E.1 (Moscow, Russian Federation) – bondarenko.NE@rea.ru; Sizova T.V.1 (Moscow, Russian Federation) – sizova.TV@rea.ru
1Plekhanov Russian University of Economics
Abstract. The article is dedicated to exploring the potential of cryptocurrency mining as a new tool for the development of global value chains (GVCs) in the Russian economy. In the context of the rapid advancement of digital technologies and the increasing role of cryptocurrencies, mining is seen as a promising sector capable of significantly impacting economic growth and the development of innovative infrastructure. The authors focus on the potential of legalizing cryptocurrency farms and mining to strengthen economic growth and improve interconnections between economic agents. The primary goal of the study is to characterize the cryptocurrency market from the perspective of mining, analyzing its dynamics, key trends, and factors influencing its development, as well as to explore the opportunities of legal mining for developing and expanding GVCs. The paper assesses the role of mining in attracting investments, advancing high technologies, creating new jobs, and establishing conditions for the efficient use of energy resources in various regions of Russia. The authors conduct an analysis of energy resources to identify the most suitable regions for establishing mining clusters and to determine potential economic, regulatory, and environmental risks associated with this activity. Special attention is given to the impact of blockchain technologies on the transparency and efficiency of financial transactions, optimization of supply chains, and reduction of transaction costs and risks. The conclusion outlines the key areas for the contribution of the crypto industry to Russia’s economic development, including creating incentives for attracting investors, improving the legislative framework, and supporting scientific research in this field. The authors propose recommendations for regulating this market and strengthening control over compliance with legal norms, which is particularly important in the current environment. The study highlights that cryptocurrency mining can become a significant catalyst for the modernization of the Russian economy, attracting new technologies and investments, and contributing to the formation of new business models focused on sustainable development and integration into GVCs.
Keywords: economic growth, cryptocurrency mining, the bill on the legalization of cryptocurrency mining, import substitution, promising investments, global value creation networks.
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For citation: Cherednichenko O.V., Bondarenko N.E., Sizova T.V. Cryptocurrency mining as a new tool for the development of value creation networks in the Russian economy. CITISE, 2024, no. 3, pp. 498-507.