Russia maintains its second place in the global mining share, but its positions are starting to weaken. According to market participants, the share of Russian hashrate (network computing power) has stopped growing and may decrease amid the activity of other countries.
By the end of 2025, Russia's share was about 15.5%, Promminer reported. The Industrial Mining Association estimates the figure at the beginning of 2026 to be in the range of 13% to 17%, depending on the methodology. Meanwhile, other countries are gradually closing the gap, and global hashrate growth is slowing down.
The main pressure factors on the industry are the Bitcoin exchange rate, the strengthening of the ruble, and the rising cost of electricity. While global mining targets tariffs of about 2.5–3 rubles per kWh, in Russia, when connected to grids, the cost already exceeds 5 rubles. This makes some projects less profitable and leads to a reallocation of capacities to more favorable jurisdictions.
As a result, investor interest, especially from small and medium-sized investors, is declining. Some equipment becomes obsolete and no longer pays off, and new investments become riskier. According to the Russian Ministry of Energy, the installed mining capacity in Russia is 2.3–2.7 GW, which is about 1.5% of the country's total energy consumption.
Additional risks are created by the discussed introduction of the "take or pay" principle, where the declared capacity is paid for regardless of actual consumption. According to market participants, this could increase the burden on miners and deter investments even with a rising Bitcoin exchange rate.
Against this background, the industry is looking for alternative models. One direction is the transition to self-generation, primarily gas-fired. Such solutions allow reducing the cost to 2.5–3.5 rubles per kWh compared to more than 5 rubles when connected to grids.
Experts note that under current conditions, the key factor is not so much the price of Bitcoin as the cost of electricity and equipment efficiency. At a tariff above 6 rubles per kWh, mining on mid-range devices is already on the verge of profitability, while modern installations with lower tariffs maintain a stable margin.
