Crypto mining should be treated as a form of export in Russia’s official trade accounts, according to senior Kremlin official Maxim Oreshkin, who argued that large volumes of mined digital assets effectively flow abroad even if they never cross a physical border. Key Takeaways: Senior Kremlin official Maxim Oreshkin wants crypto mining to be counted as an export. Industry leaders say Russia already produces tens of thousands of Bitcoins yearly, generating roughly 1 billion rubles per day in revenue. Tighter rules now impose up to 25% corporate tax on mining income. Speaking at the Russia Calling! investment forum , Oreshkin said the industry generates “enormous sums” that remain outside formal statistics despite influencing the foreign-exchange market and the balance of payments. Russia Moves to Classify Crypto Mining as a New Export Russia legalized cryptocurrency mining on November 1, 2024, and Oreshkin described the sector as a “new export item” that the country “doesn’t value very well.” Because crypto can be used to pay for imports through alternative channels, he said, those transactions should be counted when the state measures trade flows and currency dynamics. Industry figures say the scale is already material. Oleg Ogienko, chief executive of Via Numeri Group, estimates 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, put production at about 55,000 BTC in 2023 and roughly 35,000 BTC in 2024, citing the network’s halving as a drag on miner rewards. #BITCOIN MINING IS NOW LEGAL IN RUSSIA pic.twitter.com/r8D0ddMMJS — The Bitcoin Conference (@TheBitcoinConf) November 1, 2024 The revenue impact is also significant. Mikhail Brezhnev, co-founder of mining supplier 51ASIC, estimates daily mining income across the country at around 1 billion rubles, a figure he links to Russia’s share of global computing power and Bitcoin’s price. Because mined coins can be used directly to settle import bills, Brezhnev says the case for recording those flows in official statistics is straightforward. Regulators, meanwhile, are tightening oversight. 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 a month, though all income must be reported. Corporate mining is taxed at 25%, while individuals face progressive rates of 13–22%; non-residents pay 30%. Illegal Crypto Mining Drains Russia’s Power Grid and Tax Base As reported, a recent Russian media investigation revealed that illegal and semi-legal crypto mining is costing the country millions of dollars each year through stolen electricity and unpaid taxes. Broadcaster Ren TV reports that many miners avoid registering their operations to escape high power tariffs and tax obligations, pushing large parts of the industry into the shadows 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 work within the system, many independent operators are accused of resorting to meter manipulation, bribery, and secret agreements with utility workers. As a result, households and legitimate businesses are said to be absorbing the cost of stolen electricity. The post Senior Kremlin Official Proposes Counting Crypto Mining as Russia’s “Hidden Export” appeared first on Cryptonews .
