Over 5,500 Crypto Miners Emerge from Russia’s Shadow Economy as Legalization Takes Hold

• How Many Crypto Miners Have Gone Legit in Russia?
• What Are Russia’s Rules for Registered Miners?
• Why Is Russia’s Crypto Regulation Still Incomplete?
• What’s the Real Scale of Russia’s Underground Mining?
• Will Russia’s Mining Exodus Impact Global Crypto Markets?
• FAQs: Russia’s Crypto Mining Landscape

Russia’s crypto mining sector is stepping into the light, with over 5,500 miners—1,500 businesses and 4,000 individuals—registering since legalization in late 2024. While the Federal Tax Service (FNS) celebrates progress, challenges like electricity theft and unregistered farms persist. Meanwhile, broader crypto regulations remain a work in progress, leaving Bitcoin’s legal status in limbo. Here’s the full breakdown of Russia’s crypto mining evolution—and why it matters for global markets.

How Many Crypto Miners Have Gone Legit in Russia?

Since Russia legalized crypto mining in late 2024, the FNS reports a significant shift: 5,500 miners have registered, including 1,500 enterprises and 4,000 individuals. These miners now declare their earnings under new tax laws, marking a stark contrast to the previous "shadow economy" era. However, estimates suggest two-thirds of mining operations still fly under the radar—a gap authorities hope to close with potential amnesty programs.

What Are Russia’s Rules for Registered Miners?

Registered miners must report monthly crypto production via FNS portals, with businesses facing stricter oversight. Individuals using under 6,000 kWh/month escape registration but still owe taxes. The FNS even provides a dedicated webpage (source:) detailing compliance steps. Yet, the Justice Ministry isn’t playing nice—unregistered miners risk hefty fines or jail time, especially those caught stealing electricity (a rampant issue in Siberia and the Far East).

While mining is legal, other crypto activities—like trading and investing—remain unregulated. The Central Bank of Russia (CBR) proposed a framework in December 2025 to classify bitcoin and stablecoins as "monetary assets," but it’s pending approval by July 2026. Currently, Russia distinguishes between "digital financial assets" (tokenized real-world assets) and cryptocurrencies, which courts increasingly treat as property. Recent penal code amendments even allow confiscating crypto in criminal cases—signed by Putin himself last week.

What’s the Real Scale of Russia’s Underground Mining?

Officials identified nearly 197,000 unregistered mining facilities in 2025, many siphoning power illegally. Regions from the Caucasus to occupied Ukraine imposed year-round mining bans to curb blackouts. "It’s a cat-and-mouse game," admits a BTCC analyst. "Legal farms get blamed alongside rogue operators, but the energy grid can’t handle the load."

Will Russia’s Mining Exodus Impact Global Crypto Markets?

With cheap energy and cold climates, Russia ranks among the top mining hubs (perdata). Legalization could stabilize output, but unregistered operations skew supply estimates. As one miner told me, "The FNS wants transparency, but old habits die hard—especially when electricity is ‘borrowed’ from state grids."