A new report from Kommersant revealed that sales of Bitcoin mining-Machines in the country surged in the fourth quarter, a trend supported by a resurgence in demand despite the crypto asset’s chaotic price action.
The significant increase was also boosted by cheap equipment and electricity prices.
- Chilkoot, which happens to be one of the official distributors of crypto mining rigs in Russia, saw more sales in the first two months of Q4 than in all of Q3.
- In the first nine months alone, 65% more sales were recorded than in the previous year.
- Mining prices fell nearly 20% in August and October, according to Chilkoot data. However, prices have remained the same over the past month.
- The mining hardware reseller also noted that its single-transaction equipment purchases are up 30% compared to the start of the year.
- BitRiver financial analyst Vladislav Antonov believes that the price of ASIC mining rigs, which is close to the cost of production, provides a good entry point for investments.
- Despite a fairly confident start, the price is hovering around Bitcoin currently near two-year lows, with hash rates declining slightly to remain around 240 million Th/s.
- But Russian revenue from minting the crypto asset has increased by multiples recently.
- This was also observed by Didar Bekbauov, the co-founder of Xive, who said,
“Hashrate growth came from Russia. Cheap electricity for households and businesses in some regions, cheap ASIC prices, sanctions, fewer investment opportunities, high-tech skills of people made Bitcoin mining a very attractive industry in Russia.”
- The latest development comes months after the Bank of Russia and the Ministry of Finance of the Russian Federation (MiFin) reached an agreement to allow crypto mining in energy-rich regions and ban it in energy-poor regions.
- Recently, the Russian State Duma, the lower house of parliament, has tabled a bill on legalizing crypto mining activities and selling mined crypto assets.
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Source: Crypto News Deutsch