Russia to Receive Lower-than-Expected Tax Revenue from Crypto Miners

The Russian government has announced that it will receive approximately $7 million in tax revenue from cryptocurrency miners for 2025. This figure is significantly lower than initial estimates, which projected a total of around $74 million.

The reduced revenue is attributed to several factors, including rising electricity costs, regional restrictions, and a depreciated US dollar. Additionally, the global hash rate of the Bitcoin network has increased, making it more difficult for miners to generate profits.

Russia's mining sector has been expanding rapidly, with mining farms consuming approximately 2% of the country's total electricity demand. Despite this growth, the industry still operates largely in the shadows, with over two-thirds of active enterprises remaining unregistered and operating outside of the tax system.