## The Race for Bitcoin Mining: Russia Consolidates Its Second Global Position Despite Margins Compression

Russia continues to be the second-largest global power in **bitcoin mining**, with a production of 26,000 BTC worth 2.2 billion dollars in 2025, according to RBC data. This position remains firm despite an increasingly hostile environment for mining operators in the country.

### The Russian hash power continues to grow, but profitability contracts

Russia's hash rate has crossed the 1 Zh/s threshold, demonstrating a robust **bitcoin mining** infrastructure. However, this strength in computational capacity contrasts dramatically with the deterioration in profit margins. Profitability plummeted to $35 per PH/s in December, marking a sharp 45% decline compared to July levels.

### Cost pressures and regulatory hurdles: the double front

The increase in electricity tariffs and the complexity of the new regulatory framework implemented in November 2024 have created significant pressures. The legalization of equipment and regional energy supply restrictions pose additional obstacles for expanding operations.

### Innovation as a response: AI and gas generation

In this compressed scenario, Russian miners are pivoting toward alternative solutions. The incorporation of artificial intelligence into operational processes and the deployment of energy generation from natural gas emerge as strategies to absorb cost pressures.

### Global regulatory convergence accelerates changes

The regulatory horizon is becoming more complicated. The proximity of the adoption of the EU's MiCA regulation, combined with increasing scrutiny of the CFT (Countering the Financing of Terrorism), heralds a new wave of global regulations that will directly impact the profitability and structure of the **bitcoin mining** industry worldwide.