Russia is experiencing a significant boom in crypto mining as the number of registered mining firms has increased from 91 to over 1,000 in just six months. This remarkable growth is a consequence of new energy regulations aimed at legitimizing large-scale operations to prevent shutdowns.

The country anticipates generating up to $700 million annually in tax revenue as it now ranks second in the world for Bitcoin (BTC) hash rate.

Regulations Spark a Mining Bitcoin Crypto Rush in Russia

In late 2024, Russian authorities enacted a legal framework necessitating firms that consume more than 6,000 kWh of electricity per month to register with the Federal Tax Service. This initiative has transformed the industry from a largely unregulated sector into a more transparent and taxable economy.

“Russia sees tenfold increase in registered crypto mining firms #russia #cryptomining”
— Dimsumdaily Hong Kong (@dimsumdaily_hk) July 25, 2025

This shift is making it evident that Russia aims not to ban mining but to monetize it, pushing the country to be a key player in the cryptocurrency landscape.

The Future of Russia’s Crypto Mining

The new regulations are projected to yield significant tax benefits for the state while also fostering technological advancements. Estimates suggest that formalized mining could contribute up to $700 million in tax revenue yearly.

Moreover, with an investment of $63 million in AI technologies for the year 2025, Russia seeks to bolster mining efficiency and output, potentially positioning itself at the forefront of innovation in the crypto mining sector.