- Russia discusses joint Zaporizhzhia nuclear plant management with Washington to power Bitcoin mining operations.
- Putin says talks bypass Kyiv, cite US interest, while Ukrainian staff now hold Russian passports.
Russian President Vladimir Putin has reportedly claimed that the country is engaged in discussions with the United States about jointly managing the Zaporizhzhia nuclear plant. The talks are focused on using the plant’s electricity for Bitcoin mining.
Putin shared this information during a pre-New Year meeting with the State Council held on Christmas Day. According to the Russian outlet Kommersant, Putin stated that these talks are being conducted directly with American officials, excluding Kyiv from the negotiations. He emphasized that Ukrainian experts are still working at the plant, but now hold Russian citizenship and fall under Russia’s legal authority.
The Zaporizhzhia plant, located in southeastern Ukraine, is the largest nuclear facility in Europe. The collaboration reportedly includes discussions about energy supply to Ukraine, with the suggestion that the idea originated from the American side. The talks, however, keep Ukraine out of any planning or decision-making. This puts Russia and the US as the main figures in the potential repurposing of the site for crypto operations.
Mining Sector’s Rising Role in Russia’s Economy
In recent months, Russia has gained more presence in global Bitcoin mining. A report by the Industrial Mining Association from September showed that during the summer, Russia accounted for over 16% of the world’s total hashrate, placing it second only to the United States.
Central Bank Governor Elvira Nabiullina stated at a press conference that crypto mining may be contributing to the strengthening of the ruble, although it remains difficult to quantify because much of the mining activity occurs outside of formal reporting systems. She noted the shadow nature of this sector limits accurate assessment.
Maxim Oreshkin, Deputy Chief of Staff of the Presidential Executive Office, also touched on this issue last week. He said current economic projections for 2026 did not fully account for the effect of crypto mining and related financial flows. According to him, this sector has become a new export route, influencing Russia’s currency markets through untracked international transactions.
Legal Framework for Bitcoin Mining and Trading
Russia introduced formal mining rules on November 1, 2024. Registered businesses may mine legally, while private individuals may mine without registration within a 6,000-kilowatt-hour limit, provided income disclosure follows. Infrastructure operators must register with tax authorities.
As we reported, Russia’s central bank has proposed new rules to legalize and regulate cryptocurrency trading for individuals and institutions, with the framework expected to take effect by 2026. Moscow and St. Petersburg exchanges are preparing to offer crypto trading once the legal conditions are finalized.
The draft regulations also aim to allow retail investors limited access to digital assets under strict supervision. Major banks like Sberbank may consider providing crypto-backed loans, which would expand crypto-linked financial services.
At press time, Bitcoin is trading at $88,515, showing a 1.11% rise in the last 24 hours.
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