Cryptocurrency mining in Russia is identified by Central Bank Governor Elvira Nabiullina as one of the factors contributing to the recent strength of the ruble. Mining operations typically involve payments for electricity, equipment and services in local currency, which supports demand for rubles. The revenues generated by these activities can also be re-injected into the Russian economy, adding to other market forces, without constituting the sole driver of currency appreciation.
In brief
- Central Bank Governor Elvira Nabiullina says cryptocurrency mining contributes to the ruble's strength, while remaining difficult to quantify and not the sole factor in recent gains.
- Russia currently accounts for 15.5% of global bitcoin mining power, down slightly from 16.6%, while the United States dominates with 37.8%.
Assessing the influence of mining
Interviewed by RBC, Elvira Nabiullina explained that precisely measuring the impact of mining on the ruble remains complex, with a large part of the activity still evolving in a “gray zone”. She noted that mining has been present in Russia for several years, meaning the ruble's recent appreciation cannot be attributed solely to an increase in activity in 2025. She acknowledged, however, that mining has likely increased this year and is an additional factor supporting the currency's performance.
The rise of industrial cryptocurrency mining illustrates a gradual evolution of the Russian framework. Even traditionally cautious officials, like Nabiullina, now appear more open to discussions around broader adoption of digital assets. Earlier this month, Maxim Oreshkin, deputy head of the presidential executive office, said forecasts for the ruble had proven inaccurate, in part because financial contributions from mining and cryptocurrencies had not been fully taken into account. According to him, these activities now generate new capital flows to Russia and influence the position of the ruble on the global currency market.
Maxim Oreshkin also noted that the Bank of Russia is currently evaluating the cryptocurrency mining sector and believes that the resulting financial flows should be integrated into the country's balance of payments.
Regulatory measures and coordination
In 2024, Russia put in place a regulatory framework aimed at regulating the mining of cryptocurrencies. Despite these measures, a significant part of the activity continues to escape official supervision.
According to RBC, the Central Bank is now coordinating its work with the Ministry of Finance, Rosfinmonitoring and other government bodies to study possible rules governing operations related to cryptocurrencies. Transactions should continue to be conducted through established market participants, operating within existing regulatory permissions, to keep digital asset activity under supervision.
In the same spirit, Vladimir Chistyukhin, first vice-president of the Bank of Russia, stressed the need to better structure the cryptocurrency sector. He insisted on the importance of quickly adopting legislation aimed at regulating operations in digital assets, even if it means imposing strict restrictions, or even bans, if this proves necessary.
Meanwhile, global bitcoin mining remains concentrated in a limited number of countries, according to the hashrate heatmap published by Hashrate Index. In the fourth quarter of 2025, the United States accounted for 37.8% of global computing power, or about 389 EH/s, while Russia had 15.5%, or nearly 160 EH/s. The Russian share fell by 1.09 percentage points, from 16.6% to 15.5%, reflecting a slight rebalancing of the global distribution of mining activity.
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