MINING AND BUSINESS ACTIVITIES: IN SEARCH OF THE BALANCE

Abstract

The article reveals the content and outlines approaches to the definition of the legal nature of mining. Attention is drawn to the necessity of legal regulation of this activity, which is predetermined by the Federal Program «Digital Economy of the Russian Federation» — a project that provides for normative regulation of the digital environment. In order to support the mission to eliminate digital illiteracy, which is also envisaged in the National Program, the author elucidates the etymology and meaning of the term «mining» and considers various doctrinal interpretations of this concept. The paper presents such analogies of the blochchain technology as the public ledger, DNA, and a layer-cake for a better understanding of the blockchain technology that is associated with mining. Material-technical and organizational foundations of mining are revealed. The author demonstrates advantages and disadvantages of solo mining, pool mining, and cloud mining. The results of comparative monitoring of the attitude to the recognition of cryptocurrency as a means of payment are presented. Attention is drawn to the liberal legal regulation of blockchain technology and mining under the laws of the Republic of Belarus. The paper determines the stages of a law-making process aimed at legal support of mining in Russia. Based on the results of comparison of concepts of entrepreneurial activity and mining, it is concluded that mining represents one of new types of entrepreneurship brought to life due to the needs of digital economy. The author suggests thatmining participants be recognized as self-employed persons. It is noted that the entrepreneurial nature of mining arises questions concerning measures of its state regulation which is difficult within the framework of the existing paradigm, but should be built on the basis of a balance between private and public interests.