Russian Crypto Mining Chief: Bitcoin Could Hit $130k Before Summer Is Out

A Russian crypto mining firm executive has claimed Bitcoin (BTC) prices could climb to the $130k mark in the second half of summer 2025.

The claims came from Vasily Girya, the owner and CEO of the industrial player GIS Mining, the Russian Prime news agency reported. Girya said:

Bitcoin: $130k By End of Summer?

At the time of writing, Bitcoin prices are wavering around the $105k mark following a brief foray into $111,000 territory in mid May.

GIS Mining is one of Russia’s top 10 industrial miners, and mainly specializes in mobile units and mining hotel facilities. Per recent figures, the company’s mining capacity for Financial Year 2024 was 53 MW.

The country’s 10 biggest mining firms posted a collective total of $200 million in revenue in FY2024. Over half of this revenue came from the nation’s two biggest miners: BitRiver and Intelion.

Girya explained that the Russian mining sector is set for another burst of growth this year. He said that the sector was experiencing “record-breaking” demand for new crypto mining data centers with a capacity of up to 100 MW.

The mining chief added that demand for equipment capable of “energy-intensive blockchain computing” was also skyrocketing.

Insiders say that in the first half of 2025, demand for crypto mining hardware outstripped supply.

They claim that since Moscow legalized and began regulating crypto mining in 2024, more investors have entered the market.

The ruble’s rise against the dollar this year has also made crypto mining investment more viable for many.

Sandbox ‘Driving Russian Mining Investment’

Girya added that over the next two to three years, more of the coins mined in Russian jurisdiction will be used in the national economy.

He pointed to the Central Bank-run “experimental legal regime (ELR)” as evidence. The ELR is a crypto sandbox comprising exchange firms, cross-border trade companies, and Bitcoin miners.

The bank is using the ELR as a means of bypassing US, EU, and UK-led sanctions on Russia. The sanctions have effectively frozen Russian firms and banks out of dollar-denominated trade.

Central Bank officials want crypto miners to sell their coins to exchanges within the sandbox. These exchanges can then use their coins to facilitate cross-border trades conducted in BTC or other tokens.

Girya called the ELR a “powerful step toward the institutionalization of the crypto and digital currencies market.”

He said that it would help “increase the inflow of investments into this new class of assets.”

More Coal-powered Bitcoin Miners Heading to Siberia?

Meanwhile, the authorities in the Kuznetsk Basin, a major coal-mining region in Southwestern Siberia, have proposed a Bitcoin mining-themed solution to the problem of coal depreciation.

The news outlet Tsargrad’s Kemerovo Oblast branch reported that the region’s government is mulling a proposal to build crypto farms and greenhouse complexes near its coal mines.

The region’s Governor, Ilya Seredyuk, said the area’s coal could “be used to generate the energy needed to mine Bitcoin and other cryptoassets.”

Seredyuk said tests are now underway as miners conduct economic calculations to determine the profitability of the plan. He said the results would be published in around a month’s time.

The Governor said the BTC mining plan could help reverse a recent decline in coal mining. He also suggested that the heat released by burning coal could be used to heat greenhouses that house tropical plants – in one of the world’s most famously cold areas. He mused:

Earlier this month, a Russian power firm announced the launch of the nation’s first bitcoin mining-focused closed-end mutual investment fund (CEF).