Russia Eyes Crypto Mining as New Export Commodity — Market Implications Revealed

Russia is taking a new approach to cryptocurrency mining, proposing that mined digital assets be formally counted as part of the country’s export economy. 

This marks a significant shift in how the Kremlin views digital asset flows, framing mining revenue not merely as local production but as a form of international economic activity.

Senior Kremlin economic adviser Maxim Oreshkin suggests that mined Bitcoin and other proof-of-work assets should be treated like hidden exports. His reasoning is straightforward. 

Even without crossing a border, these assets often leave the country through digital transactions, influencing Russia’s foreign exchange markets and balance sheets. As Russia continues to adjust its financial strategy under global sanctions, crypto mining is emerging as an increasingly important economic tool.

Below are the key points behind this proposal and what they may mean for markets.

Key Takeaways

• Russia wants to classify crypto mining as an export because mined assets often flow abroad.
• Industry leaders estimate Russia produces tens of thousands of Bitcoins annually.
• Daily revenue from mining may reach 1 billion rubles across the industry.
• Legal mining now faces a corporate tax rate of up to 25%.
• Illegal and semi-legal mining still drains Russia’s energy grid and tax revenue.

Why Russia Wants to Count Crypto Mining as Export Activity

Russia legalized industrial Bitcoin mining in late 2024. Since then, the sector has grown into a significant source of economic value. According to Oreshkin, crypto mining represents a new export category that Russia has not properly accounted for. He argues that mined digital assets function like foreign currency earnings, especially when used to pay for imports through alternative settlement channels.

This perspective reflects Russia’s broader strategy to diversify financial inflows amid sanctions. Cryptocurrencies allow the country to access global liquidity without relying on traditional banking systems. Because mined coins can settle transactions with international suppliers, the government wants these flows included in official economic statistics.

Recognizing crypto mining as an export would help the state measure currency dynamics more accurately while integrating digital assets more formally into Russia’s economic planning.

Read Also: Russia Legalizes Crypto Payments: Top Beneficiary Tokens

Russia’s Bitcoin Production Is Already Massive

Industry leaders claim Russia is one of the largest Bitcoin producers in the world. Estimates show Russia mined about 55,000 BTC in 2023 and around 35,000 in 2024, with the halving reducing block rewards. Even so, the country’s production remains strong due to abundant energy and favorable climates for mining operations.

Executives such as Via Numeri Group’s Oleg Ogienko suggest that annual output could again reach tens of thousands of Bitcoins. If true, this would place Russia near the top of the global mining leaderboard.

Given Bitcoin’s price level, these production figures translate into enormous financial value. Mining supplier 51ASIC co-founder Mikhail Brezhnev estimates the sector generates about 1 billion rubles per day. This alone signals why the Kremlin sees crypto mining as a meaningful economic pillar.

How Mined Crypto Supports Russia’s Import Economy

One reason officials push for export classification is that mined digital assets directly affect Russia’s balance of trade. Even though crypto is intangible, it can settle import obligations or be exchanged internationally for goods and services.

Brezhnev notes that Russia’s share of global mining power combined with Bitcoin’s valuation makes mined coins function like export revenue. Companies can move these assets abroad digitally, bypassing traditional financial rails. As sanctions restrict conventional cross-border payments, crypto becomes increasingly useful for international transactions.

Adding mining activity to export metrics would help the government track these flows and evaluate their economic impact in real time.

New Regulations Tighten Control Over Mining Activity

Russia is not simply legalizing mining. It is also increasing oversight. New rules require corporations and sole proprietors engaged in mining to register with the Federal Tax Service. Hosting providers must join a separate registry. Individuals are exempt only if they consume less than 6,000 kWh per month, but they must still report income.

Corporate miners now face a tax rate of up to 25%. Individual miners are taxed between 13% and 22%, while non-residents pay 30%. These changes aim to formalize the sector and pull more revenue into the state budget.

However, industry experts say enforcement challenges persist. Many small miners hesitate to register due to high tariffs and operational scrutiny, resulting in a shadow mining economy that remains difficult to regulate.

Illegal Mining Still Drains Russia’s Grid and Tax Base

Despite legalization, a significant portion of Russia’s mining activity remains underground. Investigations reveal that illegal and semi-legal miners steal electricity, evade taxes, or manipulate meters. These operations cost the country millions of dollars annually.

Smaller operators reportedly bribe utility workers or set up unauthorized energy connections. As a result, households and compliant businesses end up covering the financial losses through higher electricity prices or reduced grid stability.

Large industrial miners such as BitRiver and Intelion operate legally and follow new rules, but they cannot offset the impact of unregulated mining hubs scattered across the country.

Could Russia Become a Global Mining Superpower?

Russia already has the resources to dominate global mining. It possesses cheap energy, cold climates, extensive land for data centers, and a growing tech workforce. The decision to classify mining as an export could further accelerate investment in the sector.

Formal recognition may attract domestic and foreign capital, encouraging the expansion of industrial-scale facilities. Russia could position itself as one of the world’s leading Bitcoin exporters, reshaping the geopolitical dynamics of proof-of-work mining.

However, global regulators and energy-focused climate policies may complicate this trajectory. International scrutiny of Russia’s mining expansion is likely to grow as digital assets become intertwined with national strategy.

Final Thoughts

Russia’s proposal to treat crypto mining as a new export category signals the country’s deepening integration of digital assets into its economic infrastructure. With tens of thousands of Bitcoins mined annually and substantial daily revenue, the sector has become too large for the state to ignore.

If crypto mining enters official export statistics, it could reshape Russia’s financial planning and influence how other nations view digital asset flows. Yet challenges remain, especially regarding illegal mining and energy misappropriation. How Russia balances regulation, incentives, and enforcement will determine whether it can transform mining into a powerful and stable export industry.

Read Also: Most Popular Cryptocurrencies in Russia

FAQs

Why does Russia want crypto mining classified as an export?

Because mined assets often leave the country digitally and influence foreign-exchange flows, Russia argues they should be counted as export revenue.

How much Bitcoin does Russia mine each year?

Estimates suggest Russia mined around 55,000 BTC in 2023 and 35,000 BTC in 2024, making it one of the top global producers.

How much revenue does Russian mining generate?

Industry figures estimate daily nationwide mining income at approximately 1 billion rubles.

What taxes apply to miners in Russia?

Corporate miners pay up to 25%, individuals pay between 13% and 22%, and non-residents pay 30% on mining income.

Is illegal mining still common in Russia?

Yes. Many small-scale miners avoid registration, manipulate meters, and steal electricity, causing substantial losses to the national grid and tax base.