Bitcoin Mining May Be Supporting the Ruble, Russia’s Top Banker Reveals

Central Bank Governor Elvira Nabiullina acknowledged that Bitcoin mining is playing a small but meaningful role in supporting the Russian ruble, describing it as an "additional factor" in the currency's recent strength. While the impact is difficult to quantify, this admission signals a shift from the central bank's previous cautious stance on crypto, viewing it now as a potential economic benefit amid sanctions. This view aligns with comments from a Presidential Executive Office official who described mining as a new form of export, where energy is converted into digital assets sold abroad for foreign currency. Russia, which has been a major global mining hub due to cheap energy, legalized the industry in August 2024 after years of operating in a legal gray zone, aiming to balance economic benefits with grid stability.

(Source：CCN)