Russian Firms Use Bitcoin Mining to Impact Balance-of-Payments Statistics

• Russia aims to include crypto in balance-of-payments calculations.
• Bitcoin mining is increasingly considered an “underrated export sector.
• Russian miners contributed 55,000 Bitcoin in 2023 and 35,000 BTC in 2024.
• Crypto trade impacts the country’s foreign exchange market.

Russia’s top economic aide, Maxim Oreshkin, is pushing for crypto to be included in the country’s balance-of-payments statistics. Balance-of-payments records track financial transactions between a nation’s residents and the rest of the world.

Historically, such calculations do not account for crypto, given the fact that it does not go through the normal banking system. According to Oreshkin, corporations in Russia are already using crypto to pay for their imports and conduct international trading. This immediately affects the foreign exchange market.

Through the incorporation of cryptocurrency into governmental economic indicators, the government would be able to gauge the degree of activity conducted in the sector. Analysts point out that such an approach would legitimize crypto-mining as an aspect that complements the export sector of the Russian economy. According to Oreshkin, the sector is undervalued but serves as an invisible export industry for the country.

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Crypto Mining as a Strategic Export

Russia has been growing its capacity for cryptocurrency mining. According to Luxor Technology, the country dominates 16% of the Bitcoin hash power, the only nation after the United States. According to industry experts, the total number of Bitcoins produced by the Russians in 2023 was 55,000. This fell to 35,000 for 2024 after the halving of Bitcoin. The total earnings per day are $12.9 million. Investment costs that surpass $1.3 billion are involved.

Experts point out the important fact that the figures above show more than the earnings, as they reveal an investment that fuels national development and international economic development. Cryptocurrency payments for goods are increasing for the Russian miners, thus overcoming some obstacles regarding currencies.

Regulatory Moves and Sanction Navigation

The government of Moscow started regulating the crypto trading process. At the end of 2025, the central banking authority and the Ministry of Finance reached an agreement that would recognize payments by cryptocurrency as valid foreign economic activity. In addition, the government provides a confidential sandbox where companies can conduct international crypto trades without the fear of sanctions.

Experts note that crypto is becoming a key tool for circumventing international restrictions while supporting domestic economic goals. Oreshkin and other government officials understand that crypto trading and mining are not only financial tools, but they are export products that, in turn, shape the global currencies and the global position of the country’s economy. The strategy that Russia adopts indicates that the country is carefully embracing cryptocurrency.

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