Russia’s Top Economist Declares Bitcoin Mining an Underrated Export Powerhouse

Russia's leading economic voice is making a bold claim: Bitcoin mining isn't just a tech sideshow—it's a stealth export engine the world keeps overlooking.

The Underrated Cash Cow

Forget oil and gas for a second. A top Russian economist is putting the spotlight on Bitcoin mining as a critical, yet chronically undervalued, source of hard currency inflow. The argument cuts through the noise: mining operations convert cheap local energy into a globally traded digital asset, effectively bypassing traditional export channels and geopolitical friction. It's a pure value-creation machine that operates 24/7.

Energy Alchemy & Geopolitical Bypass

The real magic happens in the conversion. Abundant, often stranded energy resources get transformed into borderless Bitcoin—an asset that faces no tariffs, requires no shipping lanes, and settles instantly. This creates a direct financial pipeline from resource-rich regions to the global digital economy, a move so elegantly simple it makes traditional commodity trading look like a Rube Goldberg machine. It's the ultimate arbitrage on local infrastructure.

Why the Blind Spot?

So why does this multi-billion dollar industry fly under the radar of national accounts? Legacy economic frameworks struggle to categorize digital asset production. It doesn't fit neatly into 'goods' or 'services,' leaving statisticians scratching their heads while miners quietly stack sats and bolster national balance sheets—a classic case of innovation outpacing bureaucracy, much to the delight of anyone who's ever filed a corporate tax return.

The bottom line: while Wall Street debates ETFs and price predictions, a quiet revolution in value export is already humming away in data centers worldwide. Russia's economic brass is just the latest to call it what it is—a modern-day export miracle hiding in plain sight.

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.”

Bitcoin just got way more expensive to mine.

Public miners now spend ~$75K in cash to make 1 BTC.

Factor in extra costs like equipment wear & stock pay, and it’s ~$138K per coin.

Mining economics are changing, Efficiency is king. pic.twitter.com/8jRIAYCiX9

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