According to a new report from Kommersant, domestic bitcoin mining machine sales surged sharply in the fourth quarter.
There was also a significant increase spurred With cheap equipment and electricity.
- Chilkoot, one of Russia’s official distributors of cryptocurrency mining rigs, posted more sales in the first two months of Q4 compared to Q3 as a whole.
- In the first nine months alone, the company’s sales increased 65% over last year.
- According to Chilkoot data, mining prices fell by almost 20% between August and October. However, the price remained the same last month.
- Mining hardware resellers also noticed a 30% increase in equipment purchases in a single transaction compared to the beginning of the year.
- BitRiver financial analyst Vladislav Antonov believes the price of ASIC mining rigs, which are close to production costs, will be a good entry point for investment.
- Despite a fairly confident start, Bitcoin’s price is currently hovering near two-year lows with a slight drop in hashrate figures around 240 million Th/s.
- However, Russian revenue from minting cryptocurrencies has increased several times in recent times.
- This was also observed by Xive co-founder Didar Bekbauov. Said,
“Hashrate growth came from Russia. Cheap electricity for homes and businesses in some regions, cheap ASIC prices, sanctions, reduced investment opportunities and high-tech entitlements of the people have made bitcoin mining more popular in Russia. It’s become a very attractive industry.”
- The latest development comes months after the Bank of Russia and the Ministry of Finance of the Russian Federation (MiFin) reached An agreement to allow cryptocurrency mining in energy-rich regions and prohibit it in energy-poor regions.
- Recently, a bill to legalize crypto mining activities and the sale of mined crypto assets was introduced in Russia’s lower house, the Duma.