Tenfold Surge: Russian Crypto Mining Firms Rush To Go Legit

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According to a senior Moscow lawmaker, the ranks of officially registered crypto mining companies have gone from just 91 at the start of 2024 to over 1,000 today.

This sharp rise comes after a law passed in the fall of 2024 required anyone using more than 6,000 kWh of electricity per month to sign up with the Federal Tax Service (FTS).

Based on reports from Russian outlet RBC, parliament members say “white” miners now outnumber their unregistered counterparts by a mile.

Rise In Registered Mining Firms

The new register forces firms to share the number of coins they mine and the wallets where those assets sit. It also paves the way for the FTS to collect taxes on mining profits.

Russia sees tenfold increase in registered crypto mining firms #russia #cryptomining https://t.co/dmpQWaFoaC

— Dimsumdaily Hong Kong (@dimsumdaily_hk) July 25, 2025

Industry figures suggest this could swell state coffers by as much as $500 million each year. That estimate comes from Russia’s mining chiefs, who have been lobbying hard for clear rules rather than outright bans.

Early Grid Overloads Plague Miners

Before registration was mandatory, many operators kept their rigs under wraps. They didn’t want to risk fines or shutdowns.

As a result, some cities and districts faced sudden blackouts when large-scale setups sucked down more juice than local power lines could handle.

Alexey Nechaev, head of the New People Party, told lawmakers on July 23 that those days are fading fast.

Growing Investments Beyond Mining

Industrial miners aren’t stopping at ASICs. They poured over $60 million into artificial intelligence projects this year, Nechaev said.

Based on FTS figures, this shift means more tech money stays in Russia instead of flowing out. It’s a sign that serious players see crypto as part of a broader toolkit, not just a standalone business.

Bitcoin Hashrate

The Association of Industrial Miners reports Russia now holds over 150 EH/s, or clos to 17% of the world’s Bitcoin hashrate, making it the globe’s second top miner after the US.

Domestic estimates put the country’s 2024 Bitcoin haul at up to 40,000 BTC—around $4.8 billion at today’s prices. That volume underlines how quickly a clear legal framework can unleash growth.

Lawmakers Eye Asset Seizures To Curb Illicit Mining

Meanwhile, a top policymaker has urged courts to treat coins as “intangible property” so they can seize assets from illegal miners.

He argues that adding crypto to property laws would strengthen the state’s hand against unregistered operations. If approved, the move could tighten the net around anyone still trying to mine in the grey zones.

For now, Russia’s leaders seem settled on one thing: regulation beats prohibition. By mapping out who’s mining where, Moscow hopes to keep its grids stable, its tax books balanced, and its tech sector growing.

Featured image from Pexels, chart from TradingView

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