Key Highlights
- Russia recognizes Bitcoin mining as a hidden export, boosting revenues, attracting investors, and impacting the national balance of payments.
- Mining revenue hits 1 billion rubles daily, with institutional demand and infrastructure investments exceeding 100 billion rubles.
- Rising mining costs and hashrate growth show global competition is intensifying, making efficiency and regulation critical for profitability.
Russia is beginning to recognize cryptocurrency mining as a significant economic export, a shift that could reshape the country’s balance of payments. Maxim Oreshkin, Deputy Chief of Staff of the Presidential Executive Office, highlighted at the VTB “Russia Calling!” forum that mining generates substantial sums of hidden exports.
Oreshkin states that the cryptocurrency mining generates significant revenue, which are essentially hidden exports, and therefore must be accounted for in Russia’s balance of payments. The activity was officially permitted on November 1, 2024, marking a turning point in Russia’s digital asset policy.
As per reporting by Vedomosti, one of the leading newspapers in Russia, Oreshkin explained that these exports remain largely unrecorded because cryptocurrency payments bypass traditional channels. “This supply affects the foreign exchange market, so it must be factored into Russia’s balance of payments,” he emphasized.
Experts say mining already contributes notably to the economy. Oleg Ogienko, CEO of Via Numeri Group, estimates that Russia could produce several tens of thousands of Bitcoins this year. As of writing, Bitcoin (BTC) was trading at $93,389, up 1% in the past day, according to CoinMarketCap.
Rising mining revenues and institutional interest
According to Sergey Bezdelov, Director of the Industrial Mining Association, Bitcoin mining in Russia reached 55,000 BTC in 2023 but fell to 35,000 BTC in 2024 due to the Bitcoin network halving.
Mikhail Brezhnev, Co-Founder of 51ASIC, says Russia’s Bitcoin mining generates about 1 billion rubles a day, based on its share of global mining and current Bitcoin prices. He also noted that mined cryptocurrency can be used to pay for imports, so it makes sense to count it in official economic data.
Institutional interest in Bitcoin mining is on the rise. Ogienko noted that major domestic and foreign clients are joining the market, while Vasily Girya, CEO of GIS Mining, said orders from friendly countries are also increasing.
Consequently, investments in data centers, power infrastructure, and mining hardware could surpass 100 billion rubles. Besides institutional players, 40% of major miners were deregulated last year, boosting turnover and income tax contributions, according to Mikhail Uspensky of Parallax consulting.
Regulations and operational limits
In Russia, firms are required to register with the FTS for legal cryptocurrency mining. One doesn’t need to register if one mines less than 6,000 kWh a month. Taxes differ depending on the miner: a company will have 25%, an individual 13-22%, and a non-resident 30%. Mining operators, like data centers, are taxed based on the services they provide, not on the cryptocurrency they earn.
However, authorities cracked down on illegal operations. Seasonal and regional bans cover several regions, including Dagestan, Chechnya, and the newly incorporated territories of Ukraine. Other regions enforce restrictions during the heating season, from November to March. Ogienko stresses that introducing tax returns, amnesty for illegally imported equipment, and formal mining pool legislation will improve industry compliance.
Global context and mining trends
Internationally, Bitcoin mining is rebounding in China despite its 2021 ban. Provinces like Xinjiang leverage abundant, low-cost electricity for new operations, now accounting for 14% of global hashrate.
Crypto analyst Crypto Patel posted on X saying that the cost of mining Bitcoin is skyrocketing. “Public miners now spend ~$75K in cash to make 1 BTC.” When other expenses like equipment wear and stock payments are added, the overall cost increases to around $138K per coin. He emphasized the changing dynamics in the mining sector when he said, “Mining economics are changing. Efficiency is king.”
Data from Bitinfocharts shows that hashrate has increased from 200 EH/s in January 2023 to over 1.2 ZH/s by late 2025, therefore clearly indicating increased mining activity and stronger network security.
Russia is now viewing cryptocurrency mining as a strategic export and a key contributor to economic stability. With regulatory clarity, institutional participation, and growing international integration, mining could become a mainstream economic driver, reshaping trade and financial flows.
Also Read: Malaysia Hunts Bitcoin Miners Draining $1B From Power Grid
