Russia Marks One Year of Legal Crypto Mining, Holds About 16% of Global Market
Russia formally legalized cryptocurrency mining on November 1, 2024. One year later, the country ranks second worldwide, accounting for about 16% of the global crypto mining market. The shift has brought thousands of miners into the open, prompting significant changes across the industry and new tasks for regulators and businesses alike.
Over the past year, industry participants moved from operating in the shadows to running compliant, visible businesses. This transition has accelerated consolidation, professionalization, and planning around long-term infrastructure. At the same time, authorities and market players are working through the next phase of formal rules and oversight.
Key areas shaping the sector’s first year:
- Legal clarity: Formal recognition of mining has allowed companies to register operations and plan investments more transparently.
- Scaling and industrialization: The market now includes thousands of participants, with larger operators expanding capacity under clearer rules.
- Regulatory priorities: Policymakers and miners are addressing practical issues such as compliance procedures, reporting standards, and operating frameworks.
- Market position: With an estimated 16% share, Russia is the world’s second-largest crypto mining market, underscoring its role in global network security and infrastructure.
Looking ahead, experts point to continued work on detailed regulations, operational standards, and long-term infrastructure planning. The focus now turns to refining compliance, optimizing energy use, and enhancing the predictability needed for sustained investment.
Conclusion
One year after legalization, Russia’s crypto mining industry has emerged as a major global player while entering a new phase of regulatory and operational development. The next steps—finalizing rules and supporting efficient growth—will determine how the country sustains its position in the global mining landscape.