Cryptocurrency mining has emerged as one of several factors underpinning the recent strength of the Russian ruble, according to comments from the country’s central bank leadership.
Central Bank Governor Elvira Nabiullina said mining activity contributes to sustained demand for the ruble because operators typically pay for electricity, hardware, and related services in local currency.
She noted that revenue generated from mining can circulate back into the domestic economy, reinforcing existing financial flows rather than acting as the primary driver of currency appreciation.
Speaking to RBC, Nabiullina stressed that accurately measuring mining’s influence on the ruble remains difficult because a large share of activity continues to operate in a regulatory grey area.
She added that cryptocurrency mining has existed in Russia for several years, meaning recent ruble gains cannot be explained by a sudden expansion in mining alone.
However, Nabiullina acknowledged that mining activity has likely increased modestly during 2025, providing an additional layer of support to the national currency.
The gradual growth of industrial-scale mining is seen as signalling a cautious shift in Russia’s approach to digital assets, even among traditionally conservative policymakers.
Earlier this month, Deputy Chief of Staff of the Presidential Executive Office Maxim Oreshkin said forecasts for the ruble had underestimated the financial impact of mining and cryptocurrency activity.
Previous projections did not fully account for the inflow of funds generated by cryptocurrency mining.
Maxim Oreshkin said.
Oreshkin added that these inflows are now influencing Russia’s balance of payments and affecting how the ruble is positioned in global currency markets.
He also said the Bank of Russia is assessing whether mining-related financial flows should be formally included in national economic statistics.
Russia introduced regulations governing cryptocurrency mining in 2024, although authorities admit that a substantial portion of operations remains outside formal oversight.
According to RBC, the central bank is coordinating with the Ministry of Finance, Rosfinmonitoring, and other agencies to explore tighter rules for digital asset activity.
Officials expect cryptocurrency transactions to continue through authorised market participants under existing approvals to ensure monitoring and compliance.
First Deputy Chairman of the Bank of Russia Vladimir Chistyukhin emphasised the need to impose greater order on the cryptocurrency sector through swift legislative action.
It is important to establish clear rules, including strict restrictions or bans where necessary.
Vladimir Chistyukhin said.
Globally, bitcoin (CRYPTO:BTC) mining remains concentrated in a small number of countries, according to the Global Hashrate Heatmap by Hashrate Index.
In the fourth quarter of 2025, the United States accounted for 37.8% of global mining power, while Russia held a 15.5% share, reflecting a slight decline in its global position.
At the time of reporting, Bitcoin price was $90,106.44.