Russia to collect lower tax revenue from cryptocurrency miners

Russia's cryptocurrency mining industry has faced numerous challenges, resulting in lower-than-expected tax revenues for the country. According to Denis Kuzmichev, head of taxpayer registration and accounting at the Federal Tax Service (FNS), companies and sole proprietors engaged in cryptocurrency mining will transfer around 567 million rubles in taxes for 2025, approximately $7 million at the current exchange rate.

The largest amount of tax due has been calculated for the second quarter of last year, approximately 180 million rubles. The decrease in expected revenue is attributed to factors such as increased electricity tariffs, high global hash rates of the Bitcoin network, lower exchange rates of the Greenback against the Russian ruble, and diminished price of BTC.

The Russian government has implemented legislation allowing legal entities, individual entrepreneurs, and citizens to participate in the country's first legitimate crypto business. However, many active mining enterprises are yet to register and come out of the shadow economy, with more than two-thirds reportedly unregistered. The industry faces restrictions and fines, including a seasonal ban on mining during cold months in some regions.