Russia expects to collect $7 million in taxes from cryptocurrency miners in 2025.

PANews reported on March 17th, citing Cryptopolitan, that the Russian Federal Tax Service announced that cryptocurrency miners will pay approximately 567 million rubles (about $7 million) in taxes to the state in 2025, including 84 million rubles in personal income tax and 483 million rubles in corporate income tax. This figure is significantly lower than the previously expected 6 billion rubles (about $74 million). Officials pointed out that factors contributing to the reduced tax revenue include: rising electricity prices in Russia, high global hashrate of the Bitcoin network, a weaker dollar-ruble exchange rate, a drop in Bitcoin prices, and limited legalization of mining. Russia legalized mining in 2024, requiring legal entities and individual entrepreneurs to register with the tax authorities, but currently more than two-thirds of mining companies have not yet registered.