Prosecutors in Russia said that they have shut down a 30k sqm illegal crypto mining farm operating in an industrial plant located on state-owned property.
According to the official Telegram post from the account of Krasnoyarsk Krai Prosecutor’s Office, the “open air facility” was based in the town of Nazarovo.
The post further notes that it has got the court order to raid the facility, with the farm reportedly earning coins worth 4.6 million in a month for its operators.
It is worth noting that the operator has fenced off the facility with barbed wire; the prosecutor quotes, “ The farm was right out in the open air in the town’s industrial hub district.”
The building was registered as a non-residential building under the name of a management company; also found the raided facility was not following the norm for fire safety.
Crypto mining operations in peak in Russia
In 2023, Russia became one of the second-largest crypto mining hotspots in the world, with a generating capacity of about 1 gigawatt. By 2024, the nation mined 54,000 Bitcoins, which generated roughly $3 billion in taxes.
The legalization of crypto mining in Russia in November 2024 has changed the nation’s position in the global context; state-owned energy giants like Rosseti and Gazprom are jumping into the mining market.
Starting January 01, 2025, a six-year ban on crypto mining kicked in 10 regions, including Donetsk and others, due to an energy shortage. After the November 2024 update on mining, a massive surge has been recorded in the sales and purchases of crypto mining equipment.
A quick brief of the Russian crypto market
In the just passed year, the projected revenue of the crypto market of Russia was $1,653 million with an expected decline of 4.83%, reaching $1,558 million in the ongoing year.
The total number of crypto users in Russia is expected to be 24.59 million by 2025, with a rough penetration rate of 17%, and a major portion of the user base consists of the younger generation.
Only about 3% of respondents owned or used cryptocurrencies, with the 25-34 and 35-44 age groups being the most active, a survey held in 2020 said. Russians held approximately 10 trillion rubles in digital assets, says the report by the Kremlin.
Russia’s crypto market is significant, with 2025 revenue estimates ranging from US$1.56-2.3 billion, 24.59-44.29 million users, and substantial mining activity.
Crypto market price updates
Until publishing, the crypto market cap was $3.24 trillion with a loss of 1.31%, and volume was $117 billion at the same time; the crypto fear and greed index was 48, indicating neutrality.
Bitcoin lost roughly 1.00% of its price and is now trading below the $106k mark at $104,892. Its market capitalization is $2.08 trillion, with a loss of 0.71%.
Ethereum is down by 1.41%, reaching $2,512, Solana is at $146.55 with a loss of 2.50%, and BNB is down by 1.17%, reaching $645.12.
