A senior Kremlin adviser wants Russia’s crypto mining classified as an export, arguing tens of thousands of Bitcoins and import payments must be reflected in trade data.
Summary
- Kremlin aide Maxim Oreshkin says mined crypto effectively flows abroad and should be recorded as an export impacting Russia’s balance of payments and FX market.
- Industry leaders estimate Russian miners produced about 55,000 BTC in 2023 and roughly 35,000 BTC in 2024, with daily income near 1 billion rubles.
- Russia’s legal mining regime includes registration, tax rates up to 25% for firms, but widespread illegal operations and power theft are costing the state billions of rubles.
A senior Kremlin official has proposed treating cryptocurrency mining as a form of export in Russia’s official trade accounts, arguing that large volumes of mined digital assets effectively flow abroad even without crossing physical borders.
Kremlin hopes to make Bitcoin mining
Maxim Oreshkin stated the industry generates substantial sums that remain outside formal statistics despite influencing the foreign-exchange market and the balance of payments, according to reports.
Russia legalized cryptocurrency mining on Nov. 1, 2024. Oreshkin described the sector as a “new export item” that the country “doesn’t value very well,” according to the reports. He argued that because cryptocurrency can be used to pay for imports through alternative channels, those transactions should be counted when the state measures trade flows and currency dynamics.
Industry figures indicate the scale has become material. Oleg Ogienko, chief executive of Via Numeri Group, estimated 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, estimated production at approximately 55,000 Bitcoins in 2023 and roughly 35,000 Bitcoins in 2024, citing the network’s halving as a factor reducing miner rewards.
The revenue impact is also substantial, according to industry participants. Mikhail Brezhnev, co-founder of mining supplier 51ASIC, estimated daily mining income across the country at around 1 billion rubles, a figure he linked to Russia’s share of global computing power and Bitcoin’s (BTC) price. Brezhnev stated that because mined coins can be used directly to settle import bills, the case for recording those flows in official statistics is clear.
Regulators have implemented oversight measures. 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 per month, though all income must be reported. Corporate mining is taxed at 25 percent, while individuals face progressive rates of 13 to 22 percent; non-residents pay 30 percent.
A recent Russian media investigation revealed that illegal and semi-legal crypto mining is costing the country millions of dollars annually through stolen electricity and unpaid taxes. Broadcaster Ren TV reported that many miners avoid registering their operations to escape high power tariffs and tax obligations, pushing large parts of the industry underground 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 operate within the legal framework, many independent operators are accused of resorting to meter manipulation, bribery, and secret agreements with utility workers. Households and legitimate businesses are reportedly absorbing the cost of stolen electricity as a result.
Source: https://crypto.news/kremlin-aide-count-bitcoin-mining-as-an-official-russian-export/
