Cryptocurrency Mining in Russia
When it comes to cryptocurrency mining Russia, the country’s vast energy resources and cold climate made it a natural hub for Bitcoin and other Proof of Work networks. Also known as crypto mining in Russia, it was once responsible for nearly 20% of global Bitcoin hashing power before 2022. High electricity prices in the West pushed miners north, where hydroelectric dams in Siberia and coal-powered plants in Kuzbass offered rates as low as $0.02 per kWh.
That changed fast. After sanctions hit in 2022, foreign mining rigs vanished. Banks froze accounts. The government flipped from silent tolerance to strict control—demanding licenses, taxing profits, and banning mining for individuals. Russian crypto regulation, now requires all mining operations to register with the Central Bank and prove they’re using legally sourced power. This pushed small miners underground—or out of the country entirely. Meanwhile, crypto mining hardware, once imported in bulk from China and the U.S., now relies on smuggled units, refurbished ASICs, or local repairs. Some miners repurpose old Soviet-era data centers. Others hide rigs in basements, running them only at night when grid demand drops. The result? Mining didn’t die—it got quieter, dirtier, and more risky.
But here’s the twist: Russia still has the cheapest electricity in Europe. And the government? It’s quietly letting state-owned energy companies mine crypto on the side—using surplus power that would otherwise go to waste. These aren’t hobbyists. These are industrial-scale operations, often tied to military or energy conglomerates. They don’t need public approval. They don’t need to report profits. And they’re still churning out Bitcoin, Monero, and Ethereum Classic.
What you’ll find here aren’t just opinions or news clips. These are real stories—of miners who lost everything, of rigs abandoned in freezing warehouses, of tokens that vanished overnight after a crackdown. You’ll see how a single policy shift can erase a billion-dollar industry. You’ll learn what’s still running, who’s behind it, and where the real money is hiding. No fluff. No hype. Just the facts, from the ground up.
