Russia’s Bitcoin Mining Revenue Grew 18 Times Between 2017 And 2021

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Vladimir Putin; Photo Source: AP News
In the words of Timofey Semenov, “The operation of this promising area, the expansion potential of which is huge, can have a very significant impact on improving economic performance.”

Crypto mining company Intelion Data Systems reported that the revenue of Russian Bitcoin miners has grown at an impressive pace between 2017 and 2021.

The firm stated that in 2017, Bitcoin miners earned 7B Rubles ($113.5M), with the figure increasing to 128B Rubles ($2.08B) by 2021. 

However, Russia’s Bitcoin mining revenue reduced to 56B Rubles ($908M) within the past few months. This decrease in earnings can be attributed to the bearish crypto market and increased mining difficulty.

Analysts expect the Bitcoin mining income will climb to 86M Rubles ($1.39B) by the end of 2022.

Semenov noted that Bitcoin mining will expand the growth of IT infrastructure in Russia. He believes this will increase the investment in energy surplus regions of the nation.



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Similarly, another news outlet reported that the leasing of mining hardware has seen an increase in popularity in the nation. 

According to analysts, the market volume for financial lending of mining rigs may rise to 1B Rubles ($16.21M) by the end of 2022. They speculate that this figure could hit “tens of billions of Rubles” next year.

Written by
Ayush Pande
In the words of Timofey Semenov, “The operation of this promising area, the expansion potential of which is huge, can have a very significant impact on improving economic performance.”

Crypto mining company Intelion Data Systems reported that the revenue of Russian Bitcoin miners has grown at an impressive pace between 2017 and 2021.

The firm stated that in 2017, Bitcoin miners earned 7B Rubles ($113.5M), with the figure increasing to 128B Rubles ($2.08B) by 2021. 

However, Russia’s Bitcoin mining revenue reduced to 56B Rubles ($908M) within the past few months. This decrease in earnings can be attributed to the bearish crypto market and increased mining difficulty.

Analysts expect the Bitcoin mining income will climb to 86M Rubles ($1.39B) by the end of 2022.

Semenov noted that Bitcoin mining will expand the growth of IT infrastructure in Russia. He believes this will increase the investment in energy surplus regions of the nation.



Get Our Free Newsletter

Subscribe to our newsletter to get tips, our favorite services, and the best deals on Bitcompare-approved picks sent to your inbox


Similarly, another news outlet reported that the leasing of mining hardware has seen an increase in popularity in the nation. 

According to analysts, the market volume for financial lending of mining rigs may rise to 1B Rubles ($16.21M) by the end of 2022. They speculate that this figure could hit “tens of billions of Rubles” next year.

Written by
Ayush Pande