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.