Russia’s Banking Sector Opens the Door to Bitcoin-Backed Corporate Loans

Instead of treating miners as fringe clients, the bank is now actively courting them – both operationally and financially. The move includes incentives that strip away common banking costs for miners and, more notably, a lending product that allows bitcoin to be used directly as collateral. That combination signals a rare acknowledgment from a Russian lender that crypto assets can sit alongside traditional balance-sheet instruments.

Banking perks aimed squarely at miners

Sovcombank’s new campaign focuses on making day-to-day operations cheaper and simpler for mining companies. Eligible businesses receive free account servicing, full online banking access, and more flexible foreign exchange oversight. For small and mid-sized firms, the offer extends to free internal transfers to personal accounts within the bank, up to RUB 1 million – a meaningful perk in a sector where liquidity management is often fragmented.

Participation is limited to entities officially registered as miners or mining infrastructure operators, aligning the initiative with Russia’s push to separate legal activity from the grey market.

Bitcoin enters the collateral stack

The more consequential step, however, is the launch of loans secured by bitcoin holdings. Sovcombank says the product is available to legal entities and individual entrepreneurs that can prove lawful ownership of BTC, making it the first offering of its kind in Russia’s corporate lending market.

From the bank’s perspective, mining is no longer an unpredictable side hustle. Sovcombank executives describe it as a capital-intensive business with measurable returns, defined payback timelines, and risks that can be priced – conditions that make it compatible with structured lending.

A sector growing under surveillance

This banking pivot comes as Russia’s mining industry continues to expand, even under heavier scrutiny. Mining output in 2025 remained substantial, and the number of active farms jumped sharply year over year despite higher electricity costs and tighter enforcement against illegal operations.

Regulators have leaned heavily on technology to rein in the sector. AI-driven systems now monitor power usage patterns, while smart meters and internet traffic analysis are used to detect unauthorized mining. The goal is not to eliminate the industry, but to force it into a transparent, taxable framework.

Amid all this, Irkutsk has held onto its status as a mining stronghold. Cheap electricity and naturally cold temperatures continue to give operators a cost advantage, even as other regions impose restrictions to protect local grids.

A broader regulatory turn

Russia’s approach mirrors a wider global recalibration. As jurisdictions refine crypto rules and attempt to balance innovation with control, mining is increasingly being treated as an industrial activity rather than a speculative anomaly. In that context, Sovcombank’s decision to lend against bitcoin looks less like an experiment and more like an early move in a larger institutional transition.

Taken together, the bank’s incentives, bitcoin-backed loans, and the state’s enforcement push point to the same conclusion: crypto mining in Russia is being reshaped from an energy problem into a regulated financial sector.

Top russian Bitcoin miner goes bankrupt

As a separate development, BitRiver, Russia’s largest Bitcoin mining operator, is reportedly facing bankruptcy proceedings linked to an unpaid $9.2 million obligation. Russian media say a lawsuit has been filed against its parent company, Fox Group LLC, by Infrastructure of Siberia, a unit of energy group EN+. The claim alleges that roughly 700 million rubles were paid for mining equipment that was never delivered.

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