Mining in 2025: Should Ukrainians invest in crypto mining?

Cryptocurrencies and their mining are gaining momentum, but if you are Ukrainian considering mining in Ukraine as a serious business — it’s worth understanding the realities before investing money.

Mining Economics: Where the Money Is and Where It’s Just Waste

In 2025, the main puzzle remains the same: electricity is everything.

For households, the tariff is 2.64 ₴ per kWh, but only up to 2000 kWh per month. Exceed the limit — a jump in price. For businesses, the scenario is worse: 3.5–4 ₴ per kWh or even more. This is the main reason why cryptocurrencies are mined cheaper in other countries.

Here’s a lifehack — multi-zone meters. Night electricity costs 30–50% less, and with a three-zone tariff, it can be half the daytime price. For equipment that runs 24/7, this is critically important.

Regarding equipment — prices are as follows:

• ASIC Antminer S21 for Bitcoin: from 170,000 ₴
• Video card RTX 3090: about 31,000 ₴
• Ready farm on 6–8 GPUs: from 200,000 ₴

Let’s get specific numbers. Antminer S21 yields about 250 ₴ in income daily. Sounds good, but after taxes (18% personal income tax + military levy) and with business electricity tariffs, payback stretches to 3–5 years — if it’s even achievable.

Legal Labyrinth: Legal or in the Gray Zone?

Official position: mining is not prohibited, but not regulated either.

In February 2022, the Verkhovna Rada adopted the Law “On Virtual Assets” (№ 2074‑IX), which defines crypto assets as property. But here’s the catch — this law has not yet come into force because it requires amendments to the Tax Code, which have not been made yet.

The NBU officially confirmed: mining is not a crime. It involves computer calculations — a legal activity if two rules are followed:

1. Pay for electricity legally (without theft)
2. Use certified equipment

Regarding taxes in 2025 — if you withdraw profit in hryvnia or foreign currency, standard rates apply. If it’s systematic activity, registration as an individual entrepreneur (FOP) or LLC is required, although there is no specific KVED for crypto mining yet.

Important: in 2026, Parliament expects to introduce cryptocurrency as movable property with clear taxation rules. For now — learn to keep records, pay taxes, and avoid violations.

Alternatives for the Impatient

Not everyone is ready to invest hundreds of thousands of hryvnias. So some look for “easy” options:

Cloud mining — renting capacity in a data center. Convenient: no equipment purchase, no electricity payments. But the market is saturated with scams. Reliable services exist, but thorough reputation checks and withdrawal conditions are necessary.

Mining on a phone — a beautiful myth. Smartphones are too weak for serious calculations. Most apps either (simulate the process) or perform calculations on company servers. Profits are negligible.

Crypto mining without investments — either referral programs or promo bonuses. Expect no real earnings.

Technical Side: What Will Be Mined in 2025

Bitcoin — the most profitable but also the most competitive direction. Requires ASIC devices.

Dogecoin — popular among beginners due to lower hardware requirements.

ASIC mining dominates thanks to energy efficiency and productivity. Specialized for specific algorithms, they show the best results.

Mining hotels — a new format. In 2025, home conditions often aren’t suitable for continuous operation of powerful devices. Special data centers handle placement, cooling, and backup power.

Mining Prospects in Ukraine: Balance of Power

The industry is in a state of waiting. On the positive side — demand remains, equipment is available, local communities are developing. On the negative — economic and political factors create risks.

What could change the game:

• Legalization: full tax rules will stimulate large investments
• Cheap electricity: special tariffs for data centers or “green” programs (solar, wind power stations) make mining competitive globally
• Global integration: Ukrainian miners already work through international pools, but local infrastructure will strengthen their positions

Main risks:

• High electricity tariffs remain the main barrier
• Legal uncertainty deters large investors
• Cryptocurrency market volatility (Bitcoin price directly affects payback)
• Socio-political factors: war, energy instability, possible outages create additional risks

During energy crises, crypto mining is often perceived as “excess consumers,” which causes pressure from both the community and the government.

Conclusion: The Road to Crypto Without Illusions

Mining in Ukraine in 2025 is not a lottery but a calculated business. Success depends on three factors:

1. Electricity tariffs — the decisive factor
2. Tax policy — whether the sphere will be legalized
3. Global crypto market — Bitcoin and altcoin prices

If at least two of these change positively, the country could attract serious players. If not — the industry will remain niche, focused on small setups and enthusiasts.

Crypto mining in 2025 requires not only technical knowledge but also three qualities: patience (calculate payback over years), flexibility (adapt to changes), and conservatism in expectations (not overestimate possibilities). Invest wisely, consider real figures — and the decision will come by itself.