Russia’s Crypto Mining Powerhouse: Kremlin Official Pushes to Recognize Digital Gold as "Hidden Export"
Moscow is eyeing its vast crypto mining operations as a new kind of national treasure—one that doesn't show up on the official books.
The Invisible Economy
A senior Kremlin official just floated a radical idea: count cryptocurrency mining as Russia's "hidden export." It's a move that would formally acknowledge the billions in digital value flowing out of Siberian data centers and into the global market, completely bypassing traditional trade ledgers. Think of it as economic stealth mode—generating hard assets without the paperwork.
Power Play
This isn't just about accounting. It's a strategic pivot to monetize Russia's two greatest natural resources: frigid climates and cheap energy. Mining farms thrive where others can't, and the proposal essentially seeks to rebrand electricity consumption as a sovereign export industry. It turns kilowatts into bitcoin, and then into a shadowy balance of payments surplus.
The Geopolitical Ledger
Recognizing mining as an export reshapes the financial battlefield. It creates a parallel, sanctions-resistant revenue stream and positions crypto assets as a core component of national economic strength. Other resource-rich nations are watching—this could blueprint how to leverage infrastructure for digital sovereignty.
The proposal cuts to the heart of modern finance: if a tree mines bitcoin in a Siberian forest and no bank hears it, does it make a profit? For the Kremlin, the answer is a resounding 'da'—and they're ready to tax the sound of silence. Another win for the original 'proof-of-work' economy: turning spare electrons into a geopolitical tool that leaves traditional commodity traders wondering what they missed.
Russia Moves to Classify Crypto Mining as a New Export
Russia legalized cryptocurrency mining on November 1, 2024, and Oreshkin described the sector as a “new export item” that the country “doesn’t value very well.”
Because crypto can be used to pay for imports through alternative channels, he said, those transactions should be counted when the state measures trade flows and currency dynamics.
Industry figures say the scale is already material. Oleg Ogienko, chief executive of Via Numeri Group, estimates that Russia’s output of proof-of-work assets this year could equal “tens of thousands” of Bitcoins.
Sergey Bezdelov, head of the Industrial Mining Association, put production at about 55,000 BTC in 2023 and roughly 35,000 BTC in 2024, citing the network’s halving as a drag on miner rewards.
#BITCOIN MINING IS NOW LEGAL IN RUSSIA
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The revenue impact is also significant. Mikhail Brezhnev, co-founder of mining supplier 51ASIC, estimates daily mining income across the country at around 1 billion rubles, a figure he links to Russia’s share of global computing power and Bitcoin’s price.
Because mined coins can be used directly to settle import bills, Brezhnev says the case for recording those flows in official statistics is straightforward.
Regulators, meanwhile, are tightening oversight. Legal entities and sole proprietors must register with the Federal Tax Service to mine, and hosting providers are listed in a separate registry.
Household miners are exempt from registration only if they consume less than 6,000 kWh a month, though all income must be reported.
Corporate mining is taxed at 25%, while individuals face progressive rates of 13–22%; non-residents pay 30%.
Illegal Crypto Mining Drains Russia’s Power Grid and Tax Base
As reported, a recent Russian media investigation revealed that illegal and semi-legal crypto mining is costing the country millions of dollars each year through stolen electricity and unpaid taxes.
Broadcaster Ren TV reports that many miners avoid registering their operations to escape high power tariffs and tax obligations, pushing large parts of the industry into the shadows and creating billion-ruble losses for the state budget.
Although Russia now permits industrial crypto mining and offers legal status to registered operators, smaller miners are reportedly refusing to comply.
While major firms such as BitRiver and Intelion work within the system, many independent operators are accused of resorting to meter manipulation, bribery, and secret agreements with utility workers.
As a result, households and legitimate businesses are said to be absorbing the cost of stolen electricity.
