EU Carbon Pricing Drives Bitcoin Mining to Russia

The European Union's strict carbon emissions controls may be driving Bitcoin mining operations out of the region and into Russia, according to a new study.

The researchers examined daily power sector emissions from the EU, Russia, and the rest of the world between 2019 and 2025, linking them to Bitcoin's daily closing prices.

The study found a statistical correlation between carbon pricing in Europe and carbon emissions in Russia, suggesting that mining operations 'migrate' to Russia when both Bitcoin and EU carbon allowance prices grow higher.

Russia has no carbon pricing structure, making it more profitable for mining companies to operate there, but the study notes that this may have an operational origin: companies shutting down equipment in the EU and turning it on in Russia to maximize their profit margins.