This is why Governor Elvira Nabiullina’s recent comments have captured the market’s attention. Speaking about Bitcoin mining, she said it could contribute to a stronger ruble, although the effect is difficult to measure.
Mining activity is often in a gray area, she noted, but it has become an additional supporting factor for the economy. The remark signals a change. Crypto is no longer seen solely as a risk. In some cases this is now considered part of the financial context.
How Bitcoin Mining Can Support a National Currency
Bitcoin mining is the process of using computers to secure the network and earn new coins. In Russia, miners benefit from relatively low electricity costs in regions with surplus energy. When miners earn Bitcoin and sell part of it for rubles, they create a constant demand for the local currency.
A concrete example helps clarify this. In Siberia, industrial mining farms operate near hydroelectric plants whose capacity was once unused. By converting cheap energy into digital assets, these operations generate export-style revenue. This income is often reinvested in rubles to pay salaries, taxes and public services. Over time, this can add pressure in favor of the local currency.
Russian central bank governor Elvira Nabioullina said Bitcoin mining could help strengthen the ruble, although its impact is difficult to quantify due to gray zone activity. She added that mining has become an additional supporting factor. Meanwhile, the central bank is discussing…
-Wu Blockchain (@WuBlockchain) December 22, 2025
Credible data shows why the impact matters. According to estimates from the Cambridge Center for Alternative Finance, Russia has ranked among the top three countries in terms of Bitcoin mining hash rate share in recent years. Hash rate refers to the computing power securing the network. A large share means more coins are earned locally, although exact numbers are difficult to track.
Nabioullina took care to add context. As some mining companies operate informally, the central bank cannot precisely measure the effect. Nonetheless, she described mining as an additional supporting factor, not a main driver, for the ruble.
Learn more about Bitcoin mining
HIVE Digital Technologies runs its Bitcoin mining operations in Paraguay using 100% hydroelectric power, harnessing the country’s abundant renewable energy from large dam systems. This clean energy can power thousands of mining machines without relying on fossil fuels, reducing costs and environmental impact.
PREVIEW: $BTC | Sustainable $BTC mining is both possible and efficient.
For example, @HIVEDigitalTech uses 100% hydraulic energy to power its $BTC mining operations in Paraguay. 🇵🇾
Additionally, water is also used to cool the platforms. 🌊💡 pic.twitter.com/lvfG2WFcXq
– crypto.news (@cryptodotnews) December 18, 2025
Beyond electricity, water also plays a key role in the installation. The same water resources are used to cool mining rigs, keeping equipment at safe temperatures and improving efficiency. This approach shows how Bitcoin mining can combine with renewable energy and smart cooling to create a more sustainable operation.
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