Bitcoin News

Russian Miners Purchase More Bitcoin Mining Rigs in Q4

  • 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.

Read CRYPTONEWSLAND on google news

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.

Godfrey Mwirigi

Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.

Recent Posts

Emerging Cryptos Poised for Success in 2024

The crypto market is witnessing an unprecedented surge this year, capturing the attention of investors…

10 mins ago

Bitcoin Spot ETF Surges: Record Inflows $726 Million Mark, Driving Market Momentum and Investor Fervor

📈💰 Bitcoin Spot ETFs surge with $726M inflows, driving market momentum! 🚀 Record Inflows #BitcoinETF…

47 mins ago

Shiba Inu Price Forecast: Why Reaching $1 in 2024 Is Unrealistic and 3 Best SHIB Alternatives to Buy this Bull Run: Cardano (ADA), Dogecoin (DOGE), and Retik Finance (RETIK)

With SHIB price mostly depreciating in the past month, investors' confidence has also declined, emphasized…

58 mins ago

Altcoin Season 2024! 🚀 How to Make Saavyy 20X 📈

#BlastUP which could potentially see a 20-fold increase. The project's strength lies in its unique…

1 hour ago

Genesis Begins Billions in Crypto Repayments: Will Markets Feel the Ripple?

#GenesisGlobal secures court approval to repay billions in #crypto, ensuring up to 77% recovery and…

1 hour ago

Cardano Price Prediction: Why a $10 Target in 2024 May Be Out of Reach and ADA Rival That Could Pump 6x By the End of May

#Cardano(ADA), one of the prominent players in the crypto space, has been a subject of…

2 hours ago