Crypto miners from Russia have adapted to the new cryptocurrency prices
2022.12.02 04:50
Crypto miners from Russia have adapted to the new cryptocurrency prices
Budrigannews.com – Due to the fact that the demand for mining equipment in Russia increased in the fourth quarter of 2022, Russian cryptocurrency miners are not worried about the ongoing mining crisis.
Some Russian crypto mining wholesalers have faced a critical surge in the popularity of mining chips designed for applications with explicit approval of the ASIC scheme, the neighboring Kommersant news agency reported on December 1.
A local Chilcote dealer reported that its ASIC sales for November-October exceeded sales for three quarters. It is reported that in nine months the distribution has sold 65% more equipment than in 2021.
Artem Eremin, Chilcoat Development manager, said: “We are working with a legal entity and we observe that in one transaction they began to buy 30% more equipment than in the first year.” The largest crypto mining in Russia, the BitRever data center, also showed significant growth, according to reports, its value has increased by $ 150 over the past 10 months.
The mining industry is going through difficult times, the total turnover of bitcoin BTC for the end of November exceeded the two-year minimum value, which corresponds to reports of an increase in demand for cryptocurrency equipment in Russia.
Due to the huge losses in the current bearish cryptocurrency market, some mining companies, including Core Sciences and Argo Blockchain, even doubted whether it was possible to continue working.
Due to the low energy and lower cost of mining equipment in Russia, miners are increasingly accumulating ASIS cryptosystems. According to reports, the co-founder of 51ASICH, Mikhail Brezhnev, said that Bitcoin mining can still arrive in Russia, although the price of BTC has significantly decreased this year.
According to the executive director, mining 1 BTC using modern technology can bring about 11 thousand dollars, with an electricity price of 0.07 dollars per 1 kWh. According to CoinGekko, bitcoin was trading at $16,975 at the time of creation, which is about $70 lower than last year. According to reports, Vladislav Andreev, a financial analyst at Bitrix, said that today’s market is profitable for the Russian industrial crypto mining market.
He noted that the wholesale market has seen an increase in demand for ASIC equipment due to a decrease in the purchase price, which has now fallen as close as possible to the cost of manufacture. According to reports, the expert said that this is the best platform for investing.
Antonov believes that the transition to mining, which was made in a bear market, could potentially lead to a “big profit of ten percent” in three years.
