Russia’s government has taken another decisive step toward pulling cryptocurrency miners out of the shadows. In a sweeping move, the Ministry of Finance has added more than 1,300 crypto mining operators to a special tax registry — a clear signal that Moscow is determined to regulate and tax the booming mining sector that has long operated in legal gray zones.
A Push to Tax the Crypto Mining Boom
Russia’s Ministry of Finance (Minfin) has set an ambitious goal: to identify and regulate the majority of the country’s crypto mining operations and ensure they contribute their fair share of taxes.
Speaking before the State Duma, Finance Minister Anton Siluanov announced that a database of mining companies is being established. “We have already started forming a list of miners, and it currently contains 1,364 entries,” Siluanov said, according to Russian outlet TASS and crypto news platform Bits.media.
The move represents a broader strategy by the Kremlin to capture the lucrative profits generated by crypto mining — a sector that has exploded in Russia thanks to its cheap energy, underutilized Soviet-era power capacity, and cold climate that helps cool powerful mining rigs.
Since mining was officially legalized and regulated in 2024, Russia has emerged as a global hub for Bitcoin production. However, not all miners have complied with registration or tax obligations, leaving a significant portion of the industry untaxed.
The Battle Against the “Gray” and “Black” Miners
Despite last year’s legalization, Moscow admits that less than one-third of crypto mining businesses have registered with the Federal Tax Service (FNS).
The unregistered operators — often dubbed “gray miners” — continue to evade taxes. Even worse, an underground network of “black miners” has flourished, tapping into stolen electricity by illegally connecting to the national grid. These operations frequently exploit abandoned factories or agricultural facilities, particularly across Siberia and the North Caucasus, where electricity is abundant and oversight is minimal.
Local officials in some of these regions have faced severe power shortages. To manage the strain, authorities have introduced seasonal or even multi-year bans on crypto mining, affecting about a dozen Russian provinces.
At-home or “hobby” miners, meanwhile, are still allowed to operate without registration — but only if their monthly electricity usage stays below 6,000 kWh. This threshold aims to distinguish small-scale enthusiasts from semi-professional operators.
Billions Lost, Billions to Gain
According to Cryptopolitan, Russia’s government may be losing over $120 million annually in uncollected taxes from illegal or unregistered crypto farms.
By expanding the tax registry, the Finance Ministry hopes not only to close that gap but also to boost budget revenues amid international sanctions and ongoing economic strain. The Kremlin views the crypto sector as both a source of domestic revenue and a strategic tool for trade in the face of Western restrictions on traditional finance systems.
Legalizing Crypto Transactions for Global Trade
In parallel with the mining crackdown, the Ministry of Finance and the Central Bank of Russia have recently agreed to legalize cryptocurrency transactions in international trade. This development will allow Russian companies to use digital assets for cross-border payments, moving beyond the limited “experimental legal regime” previously in place.
Upcoming legal amendments will also establish frameworks for crypto exchanges and digital asset trading, effectively laying the groundwork for a regulated ecosystem.
Minister Siluanov emphasized that these changes will not only enhance transparency but also open new revenue channels:
“To legalize this sector, give it a legal foundation, and ensure that we can collect taxes from these transactions — just as we do with any other financial asset.”
He added that fast-tracking these reforms would benefit international traders, cross-border payment users, and cryptocurrency investors alike, allowing Russia to harness the full economic potential of digital assets.
Russia’s Dual Strategy: Regulation and Leverage
Russia’s approach to cryptocurrency is becoming increasingly pragmatic. Instead of banning digital assets — as once proposed — the Kremlin now seeks to control, tax, and strategically deploy them.
By identifying miners, taxing operations, and legalizing crypto for trade, Moscow is positioning itself as a regulated but active player in the global digital economy. The country’s vast natural energy reserves make it an attractive base for miners, while its push toward crypto-friendly trade channels could help bypass Western financial barriers.
Still, challenges remain: widespread non-compliance, illegal power usage, and regional power shortages could undermine regulatory efforts. Yet, if Russia succeeds in bringing its massive mining industry into full compliance, it could transform one of its underground economies into a new pillar of national revenue.
Conclusion
Russia’s aggressive pursuit of crypto miners marks a new phase in its evolving digital finance strategy. With over 1,300 mining operators now officially recognized and many more expected to follow, the Kremlin is sending a clear message: the age of tax-free crypto mining in Russia is ending.
By tightening regulation, Moscow hopes to convert its natural advantages — abundant energy, technical expertise, and economic necessity — into a powerful force within the global crypto landscape.
Ready to start your cryptocurrency journey?
If you’re interested in exploring the world of crypto trading, here are some trusted platforms where you can create an account:
- Binance – The world’s largest cryptocurrency exchange by volume.
- Bybit – A top choice for derivatives trading with an intuitive interface.
- OKX – A comprehensive platform featuring spot, futures, DeFi, and a powerful Web3 wallet.
- KuCoin – Known for its vast selection of altcoins and user-friendly mobile app.
These platforms offer innovative features and a secure environment for trading and learning about cryptocurrencies. Join today and start exploring the opportunities in this exciting space!
Want to stay updated with the latest insights and discussions on cryptocurrency?
Join our crypto community for news, discussions, and market updates: CryptoBCC on Telegram.
For collaborations and inquiries: CryptoBCC.com@gmail.com
Disclaimer: Always do your own research (DYOR) and ensure you understand the risks before making any financial decisions.
