Abstract: The subject of this research is legislation, official interpretation, case law, and doctrinal sources on taxation of cryptocurrency mining in the Russian Federation with regards to personal income tax. The author verifies the hypothesis on the absence of economic basis for collection of personal income tax for cryptocurrency mining, thus there is a need for fundamentally new model of legal regulation for taxation of this activity. Special attention is given to assessment of tax consequences of mining based on the content of official interpretation of the Ministry of Finance of the Russian Federation, as well as with consideration of the developed in the doctrine basic approaches towards determination of the legal nature of cryptocurrency as property and property rights (other financial instruments. The author’s significant contribution consists in substantiation of the conclusion that the current system of legal regulation has no economic basis for collection of personal income tax for cryptocurrency mining; at the same time, future taxation of mining can be based on the patent tax system of taxation. It is reasoned that in order to ensure the implementation of the indicated special tax regime, it is necessary to attribute mining to entrepreneurial activity, as well as modify legal definition of the latter, which is formulated in Article 2 of the Civil Code of the Russian Federation. The author determines the legal prerequisites for taking cryptocurrency mining activity out of shadow and its lawful exercise in the Russian Federation.