- In the fourth quarter of 2022, many miners are buying mining rigs.
- Given the ongoing market decline of crypto assets, this is unexpected.
- The decreased price of ASIC mining machines is a significant motivator for new investors.
Recent reporting from Kommersant claims that in Q4 2022, many miners in Russia will be purchasing additional Bitcoin mining equipment. The researchers also found that the sale of ASIC rigs increased dramatically at year’s end. Given the ongoing market decline of crypto assets, this is unexpected.
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A deeper inspection revealed that Russian miners pay less for power. In addition, the nation offered energy at lower costs in many areas, which facilitated the growth of local homes and companies. As a result, while other miners struggle in nations with high power costs, their Russian rivals enjoy easier access.
The increased interest in cryptocurrency mining as a feasible financial possibility was another factor that contributed to this spike in mining equipment purchases. Didar Bekbauov, a co-founder of Xive, claims that the lack of investment possibilities, the sanctions, and the country’s many high-tech workers made bitcoin mining appealing.
The Bank of Russia (BoR) and the Russian Federation’s Ministry of Finance (MiFin) decided to promote cryptocurrency mining. This, therefore, ended in a purchasing frenzy erupting. They did not permit it in areas with little energy supplies but only in those with larger energy allocations.
A law to legalize mining and the export of mined goods was also introduced by Russian officials. The lower house of parliament for Russia, the State Duma, discussed this measure.
Additionally, according to financial analyst Vladislav Antony, the decreased price of ASIC mining machines is a significant motivator for new investors. The cost of manufacture for the cheaper ASIC mining gear is currently within striking distance.
In conclusion, even if the price of Bitcoin has lately dropped to a nearly two-year low, mining income in Russia has surged recently.
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