Demand for Mining Hardware Spikes in Russia, Prices Rise – Mining Bitcoin News


The marketplace for crypto mining tools in Russia has seen sturdy curiosity from patrons of each new and used units, retail information signifies. This 12 months, demand for application-specific built-in circuit (ASIC) machines has multiplied exponentially whereas video playing cards have been in brief provide resulting in rising costs.

Crypto Miners in Russia Looking to Increase Computing Power

Online retailers have registered a surging demand for mining machines, model new and second hand, the Russian enterprise day by day Kommersant reported. Searches for units designed to mine bitcoin (BTC), or ASICs, on the Russian classifieds website have elevated 14 instances year-on-year, when provide rose 13 fold.

The value of a mining unit averaged 117,900 rubles (nearly $1,600). The most sought-after merchandise have been Whatsminer ming rigs manufactured by the Chinese producer Microbt, demand for which spiked 23 instances. At the identical time, searches for Antminers constructed by the Beijing-based firm Bitmain have been 11 instances bigger than final 12 months’s determine.

Results from the primary three quarters of the present 12 months present that gross sales of crypto mining merchandise on the e-commerce platform additionally elevated, by 13 instances the variety of items and 14 instances by way of worth on an annual foundation.

The newspaper factors out, that after the capital Moscow and Russia’s second-largest metropolis Saint Petersburg, Krasnodar Krai, the Republic of Tatarstan, and Sverdlovsk Oblast have been the principle locations for almost all of the orders. That’s regardless of these areas not even providing the bottom electrical energy charges within the nation.

Graphics processing items (GPUs), used for the minting of ethereum (ETH) and different altcoins, have been in brief provide as a result of world deficit of microchips, which additionally pushed costs up. For the primary 10 months of 2021, GPU gross sales fell by 15.8% year-on-year, though the market grew by 129.6% in worth, in response to Anton Fomin, a enterprise analyst at Marvel-Distribution. The report notes:

Suppliers and retailers have been compelled to boost the worth of units, however individuals are keen to purchase at nearly any value.

Fomin believes that the troublesome scenario within the video card market will persist so long as crypto farms deliver good earnings. By the top of 2023, the deficit is unlikely to vanish, however the delay within the deliveries will certainly be shortened, from 48-50 weeks to 10-14 weeks, Kommersant quotes the professional as saying.

With the federal government in China cracking down on cryptocurrency mining since this spring, energy-rich Russia has turn out to be one in all a number of main locations for bitcoin miners in search of friendlier jurisdictions. Data printed by the Financial Times in November revealed that the Russian Federation has acquired the majority of the mining machines moved out of the People’s Republic amid the miners’ exodus.

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Do you suppose demand for mining tools in Russia will proceed to develop? Let us know within the feedback part under.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, worldwide politics and economics are two different sources of inspiration.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational functions solely. It just isn’t a direct provide or solicitation of a proposal to purchase or promote, or a advice or endorsement of any merchandise, companies, or corporations. doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the writer is accountable, instantly or not directly, for any injury or loss precipitated or alleged to be brought on by or in reference to using or reliance on any content material, items or companies talked about on this article.

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