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

The Russian crypto mining equipment market has seen strong interest from buyers of both new and used equipment, retail data shows. This year, the demand for application specific integrated circuits (ASIC) has multiplied exponentially while video cards have been in short supply, leading to soaring prices.

Crypto miners in Russia looking to increase computing power

Online retailers are seeing increasing demand for mining equipment, brand new and used, reported the Russian business newspaper Kommersant. Looks for devices to mine Bitcoin (BTC), or ASICs, on the Russian classifieds website have increased by 14 times compared to the previous year, while the offer has increased by 13 times.

The price of one mining unit averaged 117,900 rubles (almost $ 1,600). The most popular products were Whatsminer Ming rigs from the Chinese manufacturer Microbe, the demand increased 23-fold. At the same time, searches are being carried out for Antminers that were built by the Beijing-based company Bitmain were 11 times higher than last year.

Results from the first three quarters of the current year show that sales of crypto mining products on the e-commerce platform have also increased by 13 times the number and 14 times the annual value.

The newspaper notes that after the capital Moscow and Russia’s second largest city, Saint Petersburg, the main destinations for most orders were the Krasnodar Territory, the Republic of Tatarstan and the Sverdlovsk Oblast. Even though these regions don’t even offer the lowest electricity tariffs in the country.

GPUs (GPUs), used for minting Ethereum (ETH) and other altcoins, were in short supply due to the global shortage of microchips, which also drove up prices. In the first 10 months of 2021, GPU sales were down 15.8% year over year, although the market grew 129.6%, according to Anton Fomin, a business analyst at Marvel Distribution. The report states:

Suppliers and retailers have been forced to raise the prices of equipment, but people are willing to buy at almost any price.

Fomin believes that the difficult situation in the video card market will continue as long as crypto farms generate good income. The deficit is not expected to go away by the end of 2023, but the delay in delivery will definitely be reduced from 48-50 weeks to 10-14 weeks, Kommersant quoted the expert as saying.

With the government in China take tough action In the cryptocurrency mining space, energy-rich Russia has emerged as one of several major destinations for Bitcoin miners looking for friendlier jurisdictions since this spring. Data published by the Financial Times in November revealed that the Russian Federation received the majority of the mining machines that were driven out of the People’s Republic amid the exodus of miners.

Do you think the demand for mining equipment in Russia will continue to grow? Let us know in the comment section below.

Lubomir Tassev

Lubomir Tassev is a tech-savvy journalist from Eastern Europe who likes Hitchens’ quote: “Being a writer is what I am and not what I do.” In addition to crypto, blockchain and fintech, international politics and economics are two more Sources of inspiration.

Photo credits: Shutterstock, Pixabay, Wiki Commons

Source: Crypto News Austria

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