Central Bank of Russia Links Crypto Mining to Ruble’s Strength

Elvira Nabiullina, Governor of the Central Bank of Russia, recently highlighted the potential impact of cryptocurrency mining on strengthening the ruble, as noted in a December 22nd press conference.

The consideration of mining in economic assessments could affect foreign exchange forecasting, with Russia accounting for over 16% of global hash rate, ranking second worldwide.

Russia’s Crypto Mining Rank and Economic Implications

Elvira Nabiullina indicated that cryptocurrency mining may have a role in strengthening the ruble. This announcement follows growing evidence of Russia’s significant global presence in the crypto mining sector, where it ranks second with a 16% contribution to the total hash rate. Maxim Oreshkin had previously highlighted the underestimation of cryptocurrency flows as a key factor impacting foreign exchange forecasts.

Russia’s central bank is now considering incorporating crypto mining data into its balance of payments assessments. This shift points to an increased recognition of the crypto market’s influence on national financial indicators. Despite this focus, the exact impact on the ruble remains unquantifiable due to the complex and often opaque nature of crypto transactions.

Community reactions emphasize the need for greater transparency and regulation of the cryptocurrency sector. Without precise quantification, it’s challenging to fully grasp the economic implications. Nonetheless, officials like Oreshkin continue to stress the importance of adjusting economic models to better forecast currency movements.

“Mining is an additional factor in ruble strength but hard to quantify.” — Elvira Nabiullina, Governor, Bank of Russia

Bitcoin Valuation and Russia’s Legalization Milestone

Did you know? Russia legalized Bitcoin mining in late 2024, enabling substantial growth in hash rate and placing the country second in global rankings by summer 2025.

As of December 22, 2025, Bitcoin (BTC) is valued at $89,641.86 with a market cap of approximately $1.79 trillion, reflecting a 59.22% market dominance. Bitcoin’s price fluctuated with a 6.56% increase over 30 days, but it experienced an 18.20% decline over 60 days, according to CoinMarketCap.

The Coincu research team highlights potential regulatory responses and the importance of data transparency in the crypto sector. The ongoing emphasis on integrating cryptocurrency into traditional economic models could lead to enhanced fiscal policies that better address market volatility and predict currency movements.