Russia's Cryptocurrency Mining Tax Revenue Falls Short of Projections

Russia's tax revenue from cryptocurrency mining has taken a hit, falling short of initial projections by a significant margin. According to recent figures, the country is expected to collect around $7 million in taxes from miners for 2025.

This figure is substantially lower than the 6 billion rubles initially estimated by authorities. The discrepancy can be attributed to several factors, including rising electricity tariffs and lower Bitcoin prices, which have reduced miners' profitability.

The Ministry of Energy reported that mining operations consume around 16 billion kWh annually, accounting for approximately 2% of Russia's total electricity demand. However, more than two-thirds of active mining enterprises remain unregistered, limiting tax collection efforts.