The 2024 regulatory shift turns the country into one of the world’s leading hubs for Bitcoin mining.
The legalization of Bitcoin mining in Russia is having significant effects on the market for specialized mining equipment. According to local media Prime, in the last quarter of 2024, demand for machinery tripled compared to the same period in the previous year.
The signing of the law by President Vladimir Putin in November 2024 ended years of regulatory uncertainty, opening up new opportunities for an industry that now sees Russia in second place globally for mining computing power, with a 16% share of the global hashrate, according to data from the Hashrate Index.
The new regulatory framework is characterized by a flexible approach: miners consuming less than 6,000 kWh per month are exempt from registration, while a 15% tax is applied to the value of mined bitcoins. This regulatory clarity, combined with the country’s abundant energy resources, is attracting interest not only from domestic investors but also from foreign ones, particularly from BRICS countries.
Serge Bezdelov, director of the Industrial Mining Association, stated:
“Bitcoin mining represents an important asset diversification opportunity.”
However, the government is maintaining a cautious approach: as of January 1, 2025, mining restrictions have been imposed in six regions of the North Caucasus, and seasonal limitations are in place in four other areas, balancing energy security needs with industry development.
The Central Bank of Russia has also introduced new rules for international cryptocurrency transactions, requiring the registration of foreign contracts involving digital assets with authorized banks. The regulation, effective from January 11, sets reporting thresholds of 3 million rubles (around $30,000) for imports and 10 million rubles (around $100,000) for exports.