Russia’s growing Bitcoin mining industry could soon be recognized as an official export sector, according to a new proposal from a senior Kremlin adviser. The idea reflects the government’s push to account for the tens of thousands of Bitcoins mined each year and their impact on Russia’s economy.
A Push to Treat Mined Bitcoin as an Export
Maxim Oreshkin, a top Kremlin aide, argued that Bitcoin produced inside Russia ultimately flows abroad, even without physically crossing borders. Because of this, he says, crypto mining should be recorded in Russia’s trade and foreign-exchange statistics.
Oreshkin explained that the digital assets mined in the country influence Russia’s balance of payments and currency market, yet much of this activity is not reflected in official data.
A Rapidly Expanding Industry
Industry experts say the scale of mining has become too significant to ignore:
- Russia mined an estimated 55,000 BTC in 2023
- Roughly 35,000 BTC in 2024, reduced due to the Bitcoin halving
- Daily revenue from mining is estimated at around 1 billion rubles
According to Mikhail Brezhnev of 51ASIC, Russia holds a meaningful share of global Bitcoin computing power. He added that mined coins are often used to pay for imports through informal channels—another reason they should be recognized in the national accounts.
Legal Framework vs. Real-World Practice
Russia officially legalized industrial crypto mining on November 1, 2024. Under this framework:
- Companies and sole proprietors must register with the Federal Tax Service
- Corporate miners pay 25% in taxes
- Individuals pay 13–22%, non-residents 30%
- Home miners are exempt from registration if they consume under 6,000 kWh per month, but they must still report income
- Hosting providers must be included in a national registry
However, a large portion of the sector remains underground.
Illegal Mining Still a Major Problem
A recent investigation by Russian media revealed widespread illegal and semi-legal mining operations. These activities reportedly cost the state billions of rubles through power theft and unpaid taxes.
Some small-scale miners avoid registration to escape high electricity tariffs, while others allegedly bribe utility employees or manipulate electric meters. As a result, the burden of stolen power often falls on households and legitimate businesses.
Major mining companies like BitRiver and Intelion operate fully within the legal system, but many smaller miners continue to evade compliance.
A New Export Category?
If Oreshkin’s proposal moves forward, Bitcoin mining could become an officially recognized Russian export similar to oil, gas, metals, or agricultural goods. The move would bring greater transparency to the crypto sector and help the government more accurately measure trade flows.
