- Maxim Oreshkin says mined Bitcoin is like an export, and should be included in Russia’s trade statistics.
- Officials say there is a lot of mining output and increased revenues in Russia.
Russia is moving toward formally recognizing cryptocurrency mining as an export sector, following a proposal from senior Kremlin adviser Maxim Oreshkin. Speaking at the Russia Calling! investment forum, he noted that mined Bitcoin effectively leaves the country through foreign platforms and should be reflected in Russia’s trade statistics and balance-of-payments data.
He said the omission distorts currency-market analysis at a time when digital assets are increasingly used to pay for imports through alternative channels. “We have a new export item, an undervalued one, and that is cryptocurrency mining,” he stated.
Russia legalized industrial crypto mining in late 2024 but has yet to integrate mined-coin flows into state accounting. The official now wants mined coins to appear in the balance of payments, particularly as Russia’s miners expand output.
Bitcoin Mining Output Shapes Economic Calculations
Industry data shows Russia has become a major producer. Multiple executives estimate that miners generated about 55,000 BTC in 2023 and roughly 35,000 BTC in 2024 after the halving reduced block rewards. They also estimate that the daily domestic mining income is close to 1 billion rubles, aided by heavy investment in data center infrastructure and access to energy reserves.
Russia’s share of global computing power has grown sharply. Luxor Technology estimates the country now holds about 15.5% of the global Bitcoin hashrate, second only to the United States. Additionally, more than $1.3 billion has been deployed into facilities, equipment, and energy infrastructure.
Because most mined Bitcoin is sold through foreign platforms, policymakers argue the activity behaves like a conventional export sector. Officials say these outflows influence domestic FX liquidity, yet the transactions remain outside official models. Oreshkin claims that leaving them unrecorded distorts how authorities evaluate Russia’s economic position.
Illegal Activity Undercuts State Revenue
Although Russia has established a legal framework for mining, compliance has been uneven. Companies, as well as individual entrepreneurs, must register with the tax authority, report their income, and comply with energy-use regulations. Firms pay a 25% rate, while individuals have a progressive rate ranging from 13% to 22%. Only small household miners with low energy consumption are exempt from registration.
Government estimates show that less than a third of active mining enterprises have been formally registered. A recent media investigation revealed rampant power theft, meter tampering, and unlicensed operations. These are made to avoid high energy tariffs and tax obligations. Ren TV reported that illegal and semi-legal mining continues to cost the government billions of rubles annually.
Softening its long-term stance against the circulation of cryptocurrencies in the country’s economy. As we previously reported, the Bank of Russia recently stated that it is open to increasing investor access to crypto and called for the adoption of the necessary legislation by 2026. The monetary authority also made it clear that it intends to let banks work with cryptocurrencies and authorize funds to invest in crypto derivatives. The regulator allowed the offering of these instruments in May.
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