Crypto mining should be treated as a form of export in Russia’s official trade accounts, according to senior Kremlin official Maxim Oreshkin, who argued that large volumes of mined digital assets effectively flow abroad even if they never cross a physical border.

Speaking at the Russia Calling! investment forum, Oreshkin said the industry generates “enormous sums” that remain outside formal statistics despite influencing the foreign-exchange market and the balance of payments.

Russia Moves to Classify Crypto Mining as a New Export

Russia legalized cryptocurrency mining on November 1, 2024, and Oreshkin described the sector as a “new export item” that the country “doesn’t value very well.”

Because crypto can be used to pay for imports through alternative channels, he said, those transactions should be counted when the state measures trade flows and currency dynamics.

Industry figures say the scale is already material. Oleg Ogienko, chief executive of Via Numeri Group, estimates that Russia’s output of proof-of-work assets this year could equal “tens of thousands” of Bitcoins.

Sergey Bezdelov, head of the Industrial Mining Association, put production at about 55,000 BTC in 2023 and roughly 35,000 BTC in 2024, citing the network’s halving as a drag on miner rewards.

#BITCOIN MINING IS NOW LEGAL IN RUSSIA pic.twitter.com/r8D0ddMMJS

— The Bitcoin Conference (@TheBitcoinConf) November 1, 2024

The revenue impact is also significant. Mikhail Brezhnev, co-founder of mining supplier 51ASIC, estimates daily mining income across the country at around 1 billion rubles, a figure he links to Russia’s share of global computing power and Bitcoin’s price.

Because mined coins can be used directly to settle import bills, Brezhnev says the case for recording those flows in official statistics is straightforward.

Regulators, meanwhile, are tightening oversight. Legal entities and sole proprietors must register with the Federal Tax Service to mine, and hosting providers are listed in a separate registry.

Household miners are exempt from registration only if they consume less than 6,000 kWh a month, though all income must be reported.

Corporate mining is taxed at 25%, while individuals face progressive rates of 13–22%; non-residents pay 30%.

Illegal Crypto Mining Drains Russia’s Power Grid and Tax Base

As reported, a recent Russian media investigation revealed that illegal and semi-legal crypto mining is costing the country millions of dollars each year through stolen electricity and unpaid taxes.

Broadcaster Ren TV reports that many miners avoid registering their operations to escape high power tariffs and tax obligations, pushing large parts of the industry into the shadows and creating billion-ruble losses for the state budget.

Although Russia now permits industrial crypto mining and offers legal status to registered operators, smaller miners are reportedly refusing to comply.

While major firms such as BitRiver and Intelion work within the system, many independent operators are accused of resorting to meter manipulation, bribery, and secret agreements with utility workers.

As a result, households and legitimate businesses are said to be absorbing the cost of stolen electricity.

The post Senior Kremlin Official Proposes Counting Crypto Mining as Russia’s “Hidden Export” appeared first on Cryptonews.

• The companies aim to improve grid stability by matching clean-power output with mining demand.
• They will tokenize energy generation, carbon savings, and mining yields onchain.
• The platform is designed to support securitisation of green-power assets.

Canaan is pushing deeper into sustainable Bitcoin mining with a new strategy that blends clean energy, artificial intelligence, and onchain tokenization.

The mining and hardware company has teamed up with SynVista Energy to develop a platform that adapts mining activity to renewable-power availability.

The plan comes as the crypto industry faces ongoing scrutiny over energy use and increasing pressure to rely on greener sources.

By combining smart energy scheduling with digital tracking of renewable assets, Canaan aims to show how mining can integrate more efficiently with modern power systems while supporting the wider shift toward low-carbon infrastructure.

Canaan turns to adaptive renewable energy mining

Canaan and SynVista Energy are developing a mining rig designed to match energy consumption with renewable-power supply.

The system uses an AI-driven scheduling engine that adjusts hash-rate demand based on real-time fluctuations in clean-energy production.

The companies say this approach is intended to maximise the use of available green power without adding stress to electricity grids already dealing with volatility from high renewable penetration.

The pair believes the platform could move renewable-powered Bitcoin mining from small isolated pilots to replicable engineering solutions.

The focus is on creating a structure that can fit regulatory standards while also remaining commercially viable for operators navigating the challenges of intermittent energy generation.

Mining industry seeks stability as power demand grows

Bitcoin mining continues to attract attention for its electricity footprint, with some estimates comparing consumption levels to those of mid-sized nations such as Poland or Thailand.

At the same time, industry groups argue that mining can complement grid balancing efforts, especially as AI data centres increase pressure on existing networks.

Canaan’s project builds on this narrative by targeting ways to turn surplus or stranded energy into productive computing power.

The company highlighted that fast-changing renewable output often leads to curtailment, where clean energy goes unused.

Its adaptive system aims to convert these excess electrons into a mining activity that can respond to grid conditions.

Tokenization of RWA links energy generation with onchain data

Alongside the hardware collaboration, Canaan and SynVista Energy will tokenize generation output, carbon savings, and mining yields on-chain.

The aim is to create a verifiable data layer that supports digital tracking of renewable generation and the securitisation of real-world assets such as green-power plants.

The companies expect that this on-chain framework will eventually allow tokenization of cash flows from energy production and carbon credits.

This would improve price transparency and liquidity for green assets while supporting the broader integration of digital tools into the energy-transition economy.

Industry data underscores the push toward cleaner mining.

The Cambridge Bitcoin Electricity Consumption Index estimates that Bitcoin accounts for about 0.8% of global electricity use.

The post Canaan expands green Bitcoin mining with renewable energy, AI, and tokenization appeared first on CoinJournal.

Fire knocked out power and halted bitcoin mining at Greenidge’s Dresden, New York site after an electrical failure sparked a blaze last week.

According to reports, the incident forced the plant to shut down its generation and data center operations, temporarily stopping both company-run rigs and machines operating for clients.

Electrical Switchgear Failure Reported

Based on reports, an electrical switchgear malfunction on November 23, 2025 started the fire and triggered automatic safety systems that de-energized the facility.

The Dresden plant, which has about 106 megawatts of generation capacity, was taken offline immediately to prevent further damage.

Company filings and local updates said none of the hosted mining machines — including those co-located for NYDIG — suffered material damage during the event.

A fire just halted operations at Greenidge Generation’s #Bitcoin mining site — a major facility co-hosting rigs for NYDIG. No hardware lost, but the incident reveals a hidden risk: physical infrastructure fragility in the mining stack. #BTC #MiningOps #CryptoInfra #NYBitcoin pic.twitter.com/35sMu2x3le

— ₿itBlitz (@BitBlitz) November 28, 2025

Emergency crews responded and the fire was contained, but the outage left the site idle while technicians inspected equipment and repaired infrastructure.

Impact On Mining Operations And Clients

Reports have disclosed that the shutdown means lost hashing time for every miner at the site. For co-hosting customers like NYDIG, downtime translates to missed block rewards until the machines can be safely powered up again.

Mining firms typically earn revenue only while rigs run, so even a short stoppage can cut into weekly receipts. Industry observers noted that the Dresden plant is a major part of Greenidge’s US footprint, so the pause affects a sizable share of the company’s output.

Bitcoin Mining Economics Under Pressure

Mining profitability is under strain across the board as network difficulty climbs and competition increases. Based on recent market data, margins are tighter than in prior cycles, making every hour of offline time more costly.

Investigation And Recovery Timetable

According to the company, crews are working to restore service and Greenidge expects a return to normal operations within a few weeks.

That timetable is provisional and tied to the results of inspections and replacement of damaged switchgear. Regulators and insurers will likely review the incident, and an internal investigation is expected to clarify the cause of the failure and whether any maintenance gaps contributed.

Stakeholders will watch closely for confirmed repair schedules and any disclosures about lost bitcoin production or costs tied to the outage. Co-hosts will also monitor whether the incident prompts changes to safety practices or contract terms for hosted rigs.

Featured image from FMC Fire, chart from TradingView

Greenidge Generation Holdings, a major US Bitcoin mining firm, disclosed that a fire broke out at its Dresden, New York facility on Sunday, forcing a temporary shutdown of operations at one of its core sites.

In a filing with the Securities and Exchange Commission, the company said the incident was triggered by an “electrical switchgear failure,” which led management to de-energize the entire plant as a safety precaution.

The site, which hosts company-owned machines as well as equipment operated by NYDIG, has remained offline since the incident.

Greenidge Says Dresden Bitcoin Mine to Reopen in Weeks

Greenidge said the fire did not damage its mining rigs and added that it expects to restore full operations within “a few weeks,” although no timeline has been provided.

The Dresden facility produces roughly 106 megawatts of natural-gas power used directly for Bitcoin mining, making it one of the company’s most important energy assets.

The interruption comes at a difficult moment for the mining sector, which continues to grapple with falling profit margins, volatile Bitcoin prices, and rising energy costs.

Hashpricem a key indicator of miner profitability, plunged in November after Bitcoin briefly dipped toward $80,000, pushing revenues per unit of computing power below breakeven levels for many operators.

Data from Hashrate Index shows hashprice recently recovering to around $39 per petahash per second (PH/s), still below the level most miners consider sustainable for long-term operations.

$GREE Greenidge's Dresden Plant Hit by Electrical Fire, Forcing Shutdown of #Bitcoin Minehttps://t.co/rSDWNKi3vT

— TheMinerMag (@TheMinerMag_) November 28, 2025

The Greenidge fire also follows a wave of stress across the sector.

Tether recently confirmed it had shut down its Bitcoin mining operations in Uruguay, citing soaring electricity prices and an unresolved billing dispute with a state-owned utility.

At the same time, US authorities have reportedly opened an investigation into Bitmain over national security concerns linked to its ASIC manufacturing business.

The Chinese company accounts for the majority of the global mining equipment market, and any restrictions could further disrupt operations for US-based miners.

CleanSpark Revenue Surges 102%

As reported, CleanSpark delivered what executives described as a “transformative” fiscal year, reporting $766.3 million in revenue for the period ending September 30, 2025, a 102% jump from the previous year.

The company’s results show a dramatic reversal from 2024, underscoring how its expanded strategy is reshaping both operations and financial performance.

Net income came in at $364.5 million, compared with a $145.8 million loss last year. Adjusted EBITDA surged to $823.4 million, up from $245.8 million a year earlier.

The strong fiscal results follow CleanSpark’s $1.15 billion zero-coupon convertible notes offering, which brought $1.13 billion in net proceeds and allowed the firm to repurchase 30.6 million shares for roughly $460 million.

As of September 30, CleanSpark held $1.2 billion in Bitcoin, $43 million in cash, and $950.1 million in mining assets, with total assets reaching $3.2 billion and stockholders’ equity at $2.2 billion.

The post Fire at Greenidge Bitcoin Mine in New York Forces Temporary Shutdown appeared first on Cryptonews.

• Authorities identified 13,827 premises involved in illicit power consumption for mining.
• TNB seized bitcoin mining machines during joint inspections.
• Smart meters are being installed to detect suspicious energy use in real time.

Malaysia is intensifying its response to rising energy losses linked to cryptocurrency mining, as new figures show widespread electricity theft across the country.

The national utility, Tenaga Nasional Bhd, has reported more than $1 billion in losses from illegal power use between 2020 and August this year.

The scale of the theft has pushed authorities to strengthen monitoring tools, expand inspections, and build new data systems as bitcoin mining operations continue to strain the national grid.

Officials now view the situation as an urgent energy security issue that requires consistent oversight.

Rising cases of electricity theft

The energy and water transformation ministry said 13,827 premises were found using electricity illegally for cryptocurrency mining during the period, according to a written parliamentary reply dated Tuesday.

Malaysia does not have specific rules governing crypto mining, but the activity becomes illegal once meters are tampered with or bypassed.

Such actions fall under offences detailed in the Electricity Supply Act.

The ministry confirmed that these illegal activities caused financial losses of 4.6 billion ringgit, equivalent to about $1.11 billion.

Mining setups require continuous and intense power consumption, which is often concealed to avoid detection.

This has allowed unauthorised operations to drain the grid at a rapid pace.

Coordinated enforcement operations

TNB has been conducting joint inspections with multiple enforcement bodies to respond to the rising cases.

The police, the communications regulator, the anti-graft agency, and other authorities have taken part in these operations.

Their coordinated actions have resulted in the seizure of bitcoin mining machines at many of the identified premises.

With illegal mining activities still increasing, TNB has shifted towards systems that support preventive oversight.

The utility has built a database holding complete records of owners and tenants of premises suspected of involvement in electricity theft related to bitcoin mining.

The ministry said the database helps identify patterns, profile high-risk locations, and support future inspections across different states.

Technology driven monitoring measures

Malaysia is also relying on real-time energy monitoring to reduce losses.

Smart meters are being installed at electricity distribution substations to track consumption patterns and identify manipulation more quickly.

These meters help detect sudden spikes or irregular behaviour, which often indicate hidden mining operations.

Real-time alerts allow TNB to respond faster before theft spreads or expands.

The country’s competitive electricity prices make it attractive for mining operators, which increases pressure on the grid and complicates enforcement.

Since mining is energy-intensive and not directly regulated, authorities are using existing energy laws supported by surveillance technologies to curb illegal consumption.

Strengthening oversight across the grid

Malaysia has chosen to enhance enforcement rather than introduce dedicated mining regulations.

Authorities are relying on interagency cooperation, improved inspection strategies, and expanded data systems to protect the utility network.

TNB continues to refine its approach, as illegal mining operations often shift locations after raids, requiring constant monitoring and updated intelligence.

The post Malaysia cracks down on crypto power theft as bitcoin mining drains the grid appeared first on CoinJournal.