Where is it cheaper to mine crypto in Russia in 2025?

main conclusions

• The establishment of energy consumption standards, within which mining activities can be carried out without inclusion in the register, has led to a narrowing of the ranges of the tariff differentiated by consumption volume for the population.

• However, this will not entail a significant change in the cost of electricity for ordinary consumers who use it solely for household needs. On the contrary, the cost of electricity will increase significantly for individuals carrying out commercial activities, including mining, who previously paid at the preferential rate for the population.

• Household electricity consumption is the cheapest in the Irkutsk Region and the Republic of Khakassia. Residents of these regions will pay no more than RUB 8,000 for electricity at a monthly consumption rate of 300 kWh in 2025 (taking into account the July tariff indexation).

• Mining activities that require and do not require registration will be the most cost-effective in the Republic of Khakassia and the Krasnoyarsk Krai¹. The lowest annual cost of electricity with monthly consumption equivalent to the average consumption of up to 12 mining machines by the end of the year will be in the Republic of Khakassia. Monthly consumption in excess of this volume will be the cheapest for residents of the Krasnoyarsk Krai.

The calculation of the average indicator does not include regions that apply a social norm, as well as regions for which there is no information on the application of a tariff differentiated by consumption volume. 

In 2024, most Russian regions started applying a tariff differentiated by electricity consumption volume for the population and equivalent categories of consumers² (hereinafter, a tariff for the population). The introduction of this type of tariff was part of a policy to limit abnormally high electricity consumption and reduce the volume of cross-subsidies. High volumes of cross-subsidies were due to the ability to pay at the preferential rate for the population for electricity used in illegal commercial activities, including cryptomining. At the same time, in some regions (Republic of Crimea, Sevastopol, Kemerovo Region), a tariff differentiated by consumption volume was already in place prior to 2024, and a number of regions used a social norm for electricity consumption in their tariff policies: the Zabaykalsky Krai, Krasnoyarsk Krai, as well as the Vladimir, Nizhny Novgorod, Oryol, and Rostov Regions³.

In H2 2024, regions independently set the boundaries for the three ranges of electricity consumption for the population and the corresponding tariffs. The average values ​​of the range boundaries at the end of last year were around 10,155 kWh and 16,014 kWh per month⁴. The values ​​of the range boundaries in 2024 were the same for all types of housing in most regions⁵. Only in nine regions, the ranges broadened during the heating season for the population living in buildings duly equipped with stationary electric stoves and electric heating units (hereinafter, buildings with electric heating).

² Earlier, most regions only applied differentiation by time zones for the population: two time zones (day and night) or three time zones (peak, semi-peak and night).
³  A social norm is the amount of electricity sufficient for living. It is set per person and adjusted depending on the number of people living together. In different regions, it varies from 65 to 190 kWh per person per month. This volume is paid at a preferential rate.
⁴ Taking into account all the changes made to regional legislation in H2 2024 that determined the procedure for calculating the cost of electricity for the population in the region and were in effect until December 31, 2024.
⁵ As a rule, in 2025, the tariff policy distinguishes between residential buildings and premises in apartment buildings equipped with electric stoves and electric heating units, equipped with electric stoves and not equipped with electric heating units, not equipped with electric stoves but equipped with electric heating units, and others; tariffs are also set separately for the population living in urban and rural settlements.

HOW MUCH HAVE THE boundaries OF ELECTRICITY CONSUMPTION RANGES CHANGED FOR THE POPULATION IN 2025?

At the end of last year, amendments were made to federal law which enabled citizens of the Russian Federation who are not sole proprietors to mine digital currency without being included in the register on the condition that they consumer no more than the established limit of 6,000 kWh. After this, the boundaries of the ranges for 2025 were adjusted in all regions taking into account the legally established upper limit of the boundary of the second range at 6,000 kWh per month.

As a result of the range adjustment, the average boundaries for properties in apartment buildings equipped with stationary electric stoves and not equipped with electric heating units (hereinafter, apartments with electric stoves) decreased to 2,978 and 5,106 kWh per month. For buildings with electric heating, extended energy consumption range boundaries are now applied in almost all regions during the heating season. Therefore, in 2025, the average limits during the non-heating period are 3,019 kWh and 5,138 kWh per month, while during the heating season they expand to 4,921 kWh and 7,536 kWh per month.

Figure 1. In 2025, the average boundaries of electricity consumption ranges have significantly decreased

Sources: regional tariff regulators, ACRA

The lowest limit of preferential energy consumption is still typical for regions that apply a social norm; in this case, we are talking about the social norm of electricity consumption per person. These regions include Zabaykalsky Krai, Krasnoyarsk Krai, as well as the Nizhny Novgorod, Rostov, and Vladimir Regions. For two years in a row —2024 and 2025 — they have led the top 10 regions with the lowest limit of preferential energy consumption (no more than 110 kWh per person). At the same time, in the second five regions from the top 10, after adjusting the range boundaries, there were changes (Table 1).

Table 1. Top 10 regions with the lowest preferential energy consumption boundaries

Sources: regional tariff regulators, ACRA

HOW HAS THE CHANGE IN RANGES AFFECTED THE COST OF ELECTRICITY FOR THE POPULATION?

Taking into account the new ranges of electricity consumption⁶ and the indexation of tariffs in H2 2024, the monthly consumption of a notional 300 kWh⁷ in an apartment equipped with an electric stove will cost an average of RUB 15,169⁸ per year. Since tariffs differentiated by consumption volume entered into force only at the beginning of H2 2024, Fig. 2 shows the average Russian data in a semi-annual comparison. It should be noted that in H1 2025, the cost of the average consumption volume (roughly 300 kWh per month) remained virtually unchanged compared to H2 2024. The changes will become more noticeable only from the second half of this year after the indexation takes effect. It can be seen that the new boundaries had virtually no effect on the cost of small amounts of electricity consumption, whereas for significant volumes the effect is noticeable. So, at consumption of a notional 6,000 kWh per month⁹, the difference in the total cost for six months has become noticeable in the first half of this year, even based on the average data for all regions.

⁶ In the Kemerovo and Volgograd Regions, electricity consumption differs for the first and second halves of a year (according to regional laws and regulations).
⁷ Monthly average consumption per household is calculated as follows: Rosstat data on electricity consumption by rural and urban population for 2023 is calculated per capita, averaged for all Russian regions, and multiplied by the average size of a household.
⁸ Hereinafter, calculations use single-rate tariffs (without a difference for day/night).
⁹ Volume of electricity that can be consumed for cryptomining without registration.

Figure 2. The change in the average semi-annual cost of electricity in Russian regions is more noticeable for large volumes of consumption

Sources: regional tariff regulators, ACRA

In 2024, the total semi-annual cost of the same monthly consumption volume in an apartment with an electric stove or in a building with electric heating was almost identical, while in 2025 the difference is becoming more noticeable (especially in the second half of the year).

Growing differences in the cost of electricity for different residential properties (especially in H2 2025) is explained by the specifics of tariff indexation. On average, in all Russian regions, the price of 1 kWh consumed within the first range will increase by RUB 0.5, while the price of 1 kWh consumed within the second and third ranges will increase by RUB 1.6 and RUB 2.0, respectively. Taking into account the wider consumption ranges applied to buildings heated by electricity during the heating season, a larger amount of electricity consumed by these buildings falls into the preferential range in terms of a yearly consumption, which reduces the total annual cost of electricity.

The consumption of a small amount of electricity sufficient to service an average household (roughly 300 kWh per month) is cheapest in the Irkutsk Region, where the total annual cost of this monthly consumption will range from RUB 4,000 to 6,000, depending on the type of housing. The highest cost, about RUB 27,000, was recorded in the Chukotka Autonomous Okrug. It is worth emphasizing that in the regions that are among the top three in terms of the total annual cost of electricity, tariffs differentiated in terms of consumption volume are either not applied (Chukotka Autonomous Okrug, Moscow), or not applied by all guaranteeing suppliers (the Republic of Sakha (Yakutia)¹⁰).

¹⁰ The annual cost is calculated using the differentiated tariff applied by Yakutskenergo PJSC for the Republic of Sakha (Yakutia).

Figure 5. Top three regions with the highest/lowest total annual cost of monthly consumption of 300 kWh in 2025, RUB

The Irkutsk Region also leads the top three regions with the lowest total annual cost of monthly consumption of 6,000 kWh in buildings with electric heating. In apartments equipped with electric stoves, this amount of electricity is the cheapest to consume in the Republic of Khakassia.

IN WHAT VOLUMES AND WHERE IS IT CHEAPER TO MINE CRYPTO?

At the end of last year, cryptomining was legalized in the Russian Federation by making amendments to existing legislation. As noted above, cryptominers do not need to be register if their monthly electricity consumption does not exceed 6,000 kWh.

The volume of electricity consumption of an ASIC Miner averages about 3 kWh¹¹, which amounts to 2,160 kWh per month. The annual costs of this sort of mining machine in 2025 will be cheapest in the Republic of Khakassia, where the annual cost of electricity will be about RUB 56,000 regardless of the type of housing. The top three also includes the Tyumen and Murmansk Regions with RUB 72,000 and RUB 75,000 per year, respectively.

A notional 6,000 kWh per month (the limit of electricity consumption for mining cryptocurrencies without the need to be registered) is approximately equivalent to the consumption of two mining machines¹². Taking into account both the complete and partial¹³ ban on cryptocurrency mining in 13 regions¹⁴ of Russia, it will be cheapest to cryptomine within the allocated consumption limit in 2025 in the Republic of Khakassia. In total, monthly consumption of 6,000 kWh will cost RUB 162,000 a year for an apartment equipped with an electric stove and RUB 157,000 for a building with electric heating.

¹¹ According to various sources, one ASIC Miner consumes on average 1–5.5 kWh, depending on the model.
¹² Based on average calculations.
¹³ During the heating season.
¹⁴ According to Decree of the Government of the Russian Federation dated December 23, 2024 No. 1869 “Prohibiting cryptocurrency mining (including participation in mining pools) in certain regions of the Russian Federation and in certain areas of regions of the Russian Federation”, crypto mining is totally banned in Dagestan, Ingushetia, Kabardino-Balkaria, Karachay-Cherkessia, North Ossetia, Chechnya, and the new regions of the Russian Federation; crypto mining is also banned from January 1 to March 2025 and further annually from November 15 to March 15 in certain districts and cities of the Irkutsk Region, the Republic of Buryatia, and the Zabaykalsky Krai. These regions are excluded from the calculations of crypto mining costs for the purposes of this research.

Taking into account the electricity consumption limit of 6,000 kWh, a mining farm with at least three machines has to be registered starting from 2025. Our calculations show that the operation of 3–12 mining machines registered in the register at tariffs applicable to the population would also be the cheapest in the Republic of Khakassia.

Figure 8. Operating 12 mining machines is the cheapest in the Republic of Khakassia

Sources: regional tariff regulators, ACRA’s calculations

Finally, according to average calculations, the operation of 13 or more mining machines is the cheapest in the Krasnoyarsk Krai, whereas up to 12 mining machines are somewhat more expensive in the Krasnoyarsk Krai than in the Republic of Khakassia.