Bitcoin Mining Emerges as Supporting Factor Behind Russia’s Stronger Ruble

TLDR:

• Russia’s central bank says bitcoin mining may support the ruble, though its exact effect remains difficult to measure.
• Officials note mining-related financial flows often bypass standard channels, complicating ruble exchange forecasts.
• Legal mining rules now require registration for companies, while individuals face limits on electricity usage.
• Regulators plan to route crypto trading through licensed institutions to increase transparency and oversight.

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Bitcoin mining has drawn official attention in Russia after Central Bank Governor Elvira Nabiullina acknowledged its possible role in supporting the ruble. 

Speaking at a press conference, she said mining-related flows may influence currency dynamics, although precise measurement remains difficult. 

Her remarks came as regulators move toward formalizing crypto activity and routing future trading through licensed institutions.

Bitcoin mining and ruble dynamics

Bitcoin mining was described by Nabiullina as a supporting factor for the ruble, though not a primary driver. “It is probably difficult to quantify its impact now, because a significant part of mining is still in the gray zone,” she said when answering a question from an RBC correspondent.

She added that recent currency movements cannot be directly attributed to mining growth. 

“This mining did not appear this year; that is, the strengthening of the exchange rate cannot be associated with the fact that it has somehow increased sharply,” Nabiullina noted during the same briefing.

The issue was raised earlier by Deputy Head of the Presidential Administration Maxim Oreshkin. Speaking at the VTB forum “Russia Calling!”, he said financial forecasts had missed key data. 

“The underestimation of financial flows related to mining and cryptocurrency is the reason for incorrect forecasts of the ruble exchange rate,” Oreshkin stated.

Mining as a new export channel

Bitcoin mining has increasingly been viewed as a form of digital export. Oreshkin said the sector now affects currency supply. 

“This sector has become a new export item and affects the foreign exchange market,” he told forum participants. The Bank of Russia confirmed it is adjusting its analytical approach. Oreshkin explained that these flows should be reflected officially.

 “The Bank of Russia is assessing this market, and these figures should be taken into account in the balance of payments,” he said.

According to officials, part of the challenge comes from how mining revenues move. “The fact that the flows go outside the standard channels of use helps the sector to remain invisible,” Oreshkin added. These comments were widely quoted on social platforms covering Russian financial policy.

Regulation and crypto market formalization

Bitcoin mining legalization has already reshaped oversight structures. Since November 1, 2024, registered companies and entrepreneurs may mine legally. 

Individuals are permitted to mine within an electricity consumption cap of 6,000 kWh.

Infrastructure operators face separate obligations. Data processing centers and hosting providers must register with the Federal Tax Service.  Authorities say this system improves transparency without banning individual participation.

Regulatory focus is now shifting to crypto circulation. First Deputy Central Bank Chairman Vladimir Chistyukhin recently stressed urgency.

 “It is fundamentally important now to whitewash the cryptocurrency sphere,” he said, calling for swift adoption of transaction laws. The Central Bank confirmed ongoing discussions with the Ministry of Finance and Rosfinmonitoring. Officials expect most cryptocurrency transactions to occur through licensed institutions. 

According to Nabiullina, mining may support the ruble, but formal regulation remains the priority.

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