Maxim Oreshkin, Deputy Chief of Staff of the Presidential Executive Office and a key economic aide to Russian President Vladimir Putin, has stated that the booming, yet difficult-to-track, cryptocurrency mining sector is a major reason for inaccurate ruble exchange rate forecasts.

Speaking at a forum hosted by Russia’s second-largest bank, Oreshkin described the massive influx of value from digital asset production as a “new, undervalued export item” that is significantly influencing Russia’s currency market. Oreshkin emphasized that any accurate ruble forecast must now account for fundamental changes in cash flow dynamics, identifying mining as a key new variable.

“We’ve acquired a new, undervalued export item—cryptocurrency mining,” Oreshkin told the forum. “These are already significant amounts, essentially a hidden export. This is also a currency supply—you can pay for imports with cryptocurrency, and this also impacts the currency market.”

According to the aide, the flows generated by this industry occur outside of standard banking channels, making them low-visibility and difficult for traditional economic models, including those used by the Bank of Russia, to fully account for. He urged that these figures be factored into the country’s balance of payments.

The comments underscore the growing economic importance of the crypto sector in Russia, which has leveraged its abundant and cheap energy resources to become a global leader in the field. Russia has consistently ranked second in the world for Bitcoin mining volume, a position only recently cemented by the legalization of mining.

The industry gained crucial regulatory clarity on Nov. 1, 2024, when mining became legal in Russia. The most important aspect of this legalization was the ability for mined cryptocurrency to be used for international payments, an increasingly critical channel for trade amidst global sanctions.

Experts estimate that in 2024 alone, Russian miners will have produced approximately 36,000 BTC, valued at around $3.15 billion at current market rates. The country’s hashrate was approximately 150 EH/s in the summer of 2025, accounting for an estimated 16.6% of the global total.

Oreshkin’s remarks serve as a major acknowledgement from a top Kremlin official that the country’s economic planning must adapt to the rapidly expanding role of digital assets as a non-traditional source of foreign currency supply and a tool for circumventing traditional financial constraints.

• Why did Maxim Oreshkin highlight crypto mining? He said it distorts ruble forecasts by adding hidden export flows outside banking channels.
• How big is Russia’s mining industry? Russia ranks second globally, producing about 36,000 BTC in 2024 worth $3.15B.
• When did mining become legal in Russia? It was legalized on Nov. 1, 2024, allowing mined crypto to be used for international payments.
• What share of global Bitcoin mining does Russia hold? By mid-2025, Russia’s hashrate was 150 EH/s, about 16.6% of the global total.

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