Russia's summer mining power accounts for over 16% of the global total, and mining activity may strengthen the ruble exchange rate.

Dec 22 – Elvira Nabiullina, Governor of the Central Bank of Russia (CBR), said crypto mining could be an extra driver behind the ruble’s strengthening, though its exact impact is hard to quantify. Earlier, Maxim Oreshkin—deputy head of Russia’s presidential executive office—noted that underestimating financial flows tied to mining and cryptocurrency has led to inaccurate ruble exchange rate forecasts, which have already affected the foreign exchange market. The CBR is evaluating the crypto and mining markets and weighing whether to include this data in its balance of payments. Additionally, Russia’s Industrial Mining Association (IMA) reports the country ranks second globally in crypto mining, accounting for over 16% of the world’s hash rate this summer.