Russian Executive Predicts Bitcoin Surge to $130,000
A prominent figure in the Russian cryptocurrency mining sector has forecasted that Bitcoin (BTC) prices could potentially reach $130,000 by the latter part of summer 2025. This assertion was made by Vasily Girya, the CEO of GIS Mining, as reported by a local news agency. Girya expressed optimism about the crypto market’s appeal, suggesting that under favorable conditions, Bitcoin could hit a new peak of $115,000, with a target of $130,000 not being out of reach.
Current Bitcoin Price Trends
As of now, Bitcoin is trading around the $105,000 mark, having briefly touched $111,000 in mid-May. GIS Mining ranks among the top ten industrial mining firms in Russia, primarily focusing on mobile mining units and dedicated mining facilities. Recent data indicates that the company has a mining capacity of 53 MW for the fiscal year 2024.
Mining Sector Revenue Insights
The top ten Russian mining companies collectively generated approximately $200 million in revenue for FY2024, with more than half of this sum coming from the two largest firms, BitRiver and Intelion. Girya noted that the Russian mining industry is poised for significant growth, driven by unprecedented demand for new crypto mining data centers capable of handling up to 100 MW.
Surge in Demand for Mining Equipment
According to industry insiders, the first half of 2025 saw demand for crypto mining hardware exceed available supply. Following the legalization and regulation of crypto mining in Russia in 2024, there has been a noticeable increase in market participation. Additionally, the strengthening of the ruble against the dollar this year has made investments in crypto mining more appealing.
Sandbox Initiative Boosting Mining Investments
Girya highlighted that within the next two to three years, a greater portion of the cryptocurrency mined in Russia will be integrated into the national economy. He referred to the Central Bank’s “experimental legal regime (ELR)” as a key development. This regulatory sandbox encompasses exchange companies, cross-border trade firms, and Bitcoin miners, allowing them to navigate around sanctions imposed by the US, EU, and UK.
Institutionalization of Cryptocurrency Market
The Central Bank is encouraging crypto miners to sell their mined coins to exchanges operating within the ELR, which can then facilitate cross-border transactions using BTC or other cryptocurrencies. Girya described the ELR as a significant advancement toward establishing a formal market for crypto and digital currencies, which he believes will attract more investments in this emerging asset class.
Bitcoin Mining Ventures in Siberia
In related news, officials in the Kuznetsk Basin, a key coal-mining area in Southwestern Siberia, are considering a Bitcoin mining initiative as a solution to the region’s coal depreciation. Reports indicate that the local government is exploring the establishment of crypto farms and greenhouse facilities adjacent to coal mines. Governor Ilya Seredyuk stated that the region’s coal could be harnessed to produce the energy necessary for Bitcoin mining and other cryptocurrencies.
Innovative Plans for Coal Utilization
Seredyuk mentioned that ongoing tests are being conducted to assess the economic viability of this initiative, with results expected in about a month. He suggested that the proposed BTC mining operations could potentially revitalize the declining coal industry. Furthermore, he proposed the idea of utilizing the heat generated from coal combustion to warm greenhouses for tropical plant cultivation in one of the coldest regions of the world, remarking, “Why not create a large botanical garden and cultivate plants that require warmth?”
New Investment Fund for Bitcoin Mining
Earlier this month, a Russian power company launched the country’s first closed-end mutual investment fund (CEF) focused specifically on Bitcoin mining, signaling a growing interest in institutional investments in this sector.
