Russia Introduces Tax Calculator for Crypto Miners, 13% Tax on Earnings Up to 2.4 Million Rubles

The Federal Tax Service (FTS) of Russia has introduced a tax calculator tool designed specifically for crypto miners operating within the country. This tool allows miners to determine the exact minimum closing price in fiat rubles of popular cryptocurrencies on specific dates between January 1, 2025, and March 31, 2025, on foreign trading platforms, including crypto exchanges. The FTS has also published information on market quotes for digital currencies and the total volumes of daily trades with foreign trade organizers, which will help taxpayers calculate their taxable income from digital currency transactions.

The FTS has clarified that digital currency obtained through mining is considered taxable income. The value of this digital currency is determined based on market prices on the date of actual receipt of income. According to the FTS, cryptoassets become income on the day when the person who acquired them has the right to sell them. This tool is intended to assist taxpayers in determining their tax base for digital currency transactions on each individual date of income recognition.

However, the tool is not without its limitations. At the time of its release, it only includes data from seven crypto exchanges, such as Binance, ByBit, KuCoin, and MEXC. While it covers a wide range of popular coins, including Bitcoin (BTC) and Dogecoin (DOGE), some high-cap coins like Ethereum (ETH) and XRP are notably absent from its database. The FTS has also added disclaimers, noting that the information provided is subject to independent verification by the taxpayer.

Russia has already legalized crypto mining, and in November 2024, President Vladimir Putin signed a law creating a framework for taxing crypto miners. However, the FTS and lawmakers are still in the process of finalizing the finer details of the laws governing taxes for miners. The November law stipulates that crypto-related trades are subject to a two-tiered level of income tax. Those with earnings of up to 2.4 million rubles must pay levies of 13% on their earnings, while anyone earning more will be obliged to pay 15%. Corporations are ordered to pay the regular corporate tax rate of 25% on their earnings.

All miners using over 6,000kWh of electricity per month to power their rigs must sign up to an FTS-curated register. Non-compliance is punishable by a system of fines, with miners who fail to register set to pay 40,000 ruble fines. Those operating under the threshold do not have to declare their operations, but it is not entirely clear yet if Moscow will ask sub-threshold users to declare their coin holdings or pay taxes on them.

The Russian crypto mining industry has previously assured Moscow that the Treasury can expect to make over half a billion USD per year from taxing miners. The FTS’ new web resources also contain instructions for what it calls “mining infrastructure operators,” defined as individuals or companies who provide services for the provision of mining infrastructure for the activities of miners and mining pools. Russian crypto experts have previously claimed that nine out of 10 mining firms focus their efforts on BTC, although some data compilers dispute this claim. However, Russian crypto enthusiasts have previously told that many home-based miners prefer to mine ETH. All experts also agree that Litecoin (LTC) – which is included in the FTS’ database – also enjoys a minority interest among major domestic mining players.