diff --git a/README.md b/README.md
index 73e6048b3..387b5c926 100644
--- a/README.md
+++ b/README.md
@@ -83,6 +83,10 @@ We welcome all feedback and suggestion through Github Issues:
 * [Submit bugs and feature requests](https://github.com/granulate/gprofiler/issues)
 * Upvote [popular feature requests](https://github.com/granulate/gprofiler/issues?q=is%3Aopen+is%3Aissue+label%3Aenhancement+sort%3Areactions-%2B1-desc+)
 
+## Releasing a new version
+1. Update `__version__` in `__init__.py`.
+2. Create a tag with the same version (after merging the `__version__` update) and push it.
+
 We recommend going through our [contribution guide](https://github.com/granulate/gprofiler/blob/master/CONTRIBUTING.md) for more details.
 
 # Credits
diff --git a/gprofiler/__init__.py b/gprofiler/__init__.py
index b1a19e323..034f46c34 100644
--- a/gprofiler/__init__.py
+++ b/gprofiler/__init__.py
@@ -1 +1 @@
-__version__ = "0.0.5"
+__version__ = "0.0.6"