According to reports from local media, demand for Bitcoin mining equipment in Russia has tripled between 2023 and 2024. Cryptocurrency mining was previously in an ambiguous legal zone, but is now becoming more widely accepted.
Despite a mining ban in some Russian regions, the government is showing more and more interest in cryptocurrencies.
Russia Develops Mining and Interest in Cryptocurrencies
Cryptocurrency mining in Russia has benefited from relaxed regulatory standards, turning a legal gray zone into a thriving business opportunity.
The country’s mining output has been steadily increasing over the past several months, but this high demand helps quantify the growth.
“Individuals can mine cryptocurrency without registration, but must comply with electricity standards (6,000 kWh per month). If this standard is exceeded, the citizen must register as an individual entrepreneur and submit a request for registration,” declare Sergey Bezdelov, director of the Association of Mining Industry.
Russia has had a complicated relationship with the cryptocurrency sector lately. President Putin has acknowledged Bitcoin’s application in many important fields, and the country has even encouraged other BRICS members to adopt this digital asset.
However, Russia also issued a temporary mining ban in October, then expanded it significantly over the following months. The reason for these bans is simple: the affected areas have power grids that are not yet fully developed.
In the rest of Russia, cryptocurrency mining remains a “good source of additional income.” This demand reflects an interesting trend in wider society, as local reports suggest growing trust from businesses and individual citizens.
Also, research latest indicates that Russia accounts for 26% of traffic on international cryptocurrency exchanges. Russian citizens have the strongest presence on Bybit and have more users than any other country on HTX and Bitfinex. In other words, this renewed interest is clearly a quantifiable indicator.
Ultimately, if Russia is becoming increasingly relevant to cryptocurrencies, then this mining industry is on the rise. While some areas will remain restricted for the foreseeable future, acceptance is growing at the grassroots and highest levels of power.
