Russia Considers Crypto Mining as Export in Official Trade Accounts

Russia is exploring the classification of cryptocurrency mining as a formal export, reflecting the economic impact of mined digital assets flowing abroad, according to senior Kremlin official Maxim Oreshkin.

Speaking at the Russia Calling! investment forum, Oreshkin described mining as a “new export item” that is currently undervalued in official statistics. He argued that although mined cryptocurrencies often never cross physical borders, they influence the country’s foreign-exchange market and balance of payments.

Scale of Mining Output and Revenue

Industry leaders highlighted the sector’s material scale:

• Oleg Ogienko, CEO of Via Numeri Group, estimated Russia’s proof-of-work mining output in 2025 could reach “tens of thousands” of BTC.
• Sergey Bezdelov, head of the Industrial Mining Association, reported production of roughly 55,000 BTC in 2023 and around 35,000 BTC in 2024, noting that the network’s halving reduced miner rewards.
• Mikhail Brezhnev, co-founder of mining supplier 51ASIC, estimated daily mining revenue at approximately 1 billion rubles, linked to Russia’s share of global computing power and Bitcoin prices.

Brezhnev emphasized that mined coins can be used directly to pay for imports, making a case for their inclusion in official trade statistics.

Regulatory Oversight

Since Russia legalized cryptocurrency mining on November 1, 2024, authorities have introduced registration and tax measures:

• Legal entities and sole proprietors must register with the Federal Tax Service; hosting providers are listed in a separate registry.
• Household miners consuming under 6,000 kWh monthly are exempt from registration but must report income.
• Taxation: corporate miners pay 25%, individuals face 13–22% progressive rates, and non-residents are taxed at 30%.

Challenges from Illegal Mining

Despite legalization, illegal and semi-legal mining remains widespread, reportedly costing Russia millions in stolen electricity and unpaid taxes.

• Investigations by Ren TV indicate many small operators avoid registration to escape high tariffs and taxes, creating billion-ruble losses for the state budget.
• Major operators like BitRiver and Intelion comply with regulations, while independent miners allegedly manipulate meters or bribe utility workers.
• Households and compliant businesses bear the cost of stolen electricity, highlighting a persistent enforcement challenge.

Overall, Russia’s move to classify crypto mining as a new export reflects both the sector’s growing economic significance and the state’s efforts to integrate digital assets into formal trade accounting, while addressing compliance and tax issues across the industry.