European Carbon Tax Drives Bitcoin Mining to Russia Amid Crypto Financial Boom

Researchers from Vietnam have found that the European carbon tax is driving Bitcoin mining operations to Russia. The study, which analyzed data from 2019 to 2025, discovered a correlation between the price of European carbon allowances and carbon emissions in Russia. When it becomes more expensive to pollute in Europe, Bitcoin mining migrates eastward to take advantage of cheaper energy costs.

The researchers found that companies owning Bitcoin mining equipment on both sides of the border reportedly turn off their European machines to turn on their Russian ones depending on the cost of energy and carbon. Russia has no carbon pricing structure, making mining there structurally cheaper without the need for physical server relocation.

Russia is not only hosting low-carbon-cost Bitcoin mining but also building a financial infrastructure around crypto. The Moscow Exchange plans to launch perpetual futures contracts on Bitcoin and Ethereum in September 2026, coinciding with the entry into force of a new Russian law regulating digital currency.