A senior Russian official has proposed classifying cryptocurrency mining as a formal export commodity, a move that would recognize its significant impact on the national economy. Maxim Oreshkin, a top economic advisor to President Putin, argued at the "Russia Calling!" investment forum that the billions of rubles generated from mining Bitcoin and other assets—which are often sold for foreign currency or used to pay for imports—should be counted in official trade and balance-of-payments statistics.
The call comes after Russia fully legalized industrial cryptocurrency mining in November 2024. Industry executives estimate the country produces tens of thousands of Bitcoins annually, generating roughly one billion rubles in daily revenue. To bring this activity into the formal economy, new regulations now require corporate miners to register and pay a 25% tax on income.
However, a major challenge remains widespread illegal mining, which drains the power grid and deprives the state of tax revenue. Reports indicate that many small-scale operators evade registration to avoid high electricity tariffs, costing the budget billions of rubles and creating an uneven playing field for compliant large-scale firms.