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

The market for crypto mining gear in Russia has seen robust 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 each day Kommersant reported. Searches for units designed to mine bitcoin (BTC), or ASICs, on the Russian classifieds web site Avito.ru have elevated 14 instances year-on-year, when provide rose 13 fold.

The price of a mining unit averaged 117,900 rubles (virtually $1,600). The most sought-after merchandise had 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 had 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 Ozon.ru additionally elevated, by 13 instances the variety of items and 14 instances in phrases 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 primary locations for nearly all of the orders. That’s regardless of these areas not even providing the bottom electrical energy charges in the nation.

Graphics processing items (GPUs), used for the minting of ethereum (ETH) and different altcoins, have been in brief provide because of the international 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 accordance with Anton Fomin, a enterprise analyst at Marvel-Distribution. The report notes:

Suppliers and retailers have been compelled to lift the price of units, however individuals are keen to purchase at virtually any price.

Fomin believes that the tough state of affairs in 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 in 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 change into certainly one of a number of main locations for bitcoin miners looking for friendlier jurisdictions. Data revealed 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.

Tags in this story
ASICs, Avito, Bitcoin, Crypto, crypto miners, crypto mining, Cryptocurrencies, Cryptocurrency, Demand, GPUs, Miners, mining, Mining Devices, mining farms, mining machines, mining rigs, Ozon, Prices, retailors, Russia, russian, gross sales, searches, Supply, video playing cards

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

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.

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