Bitcoin News and Finance
Demand for Mining Hardware Spikes in Russia, Prices Rise Skip to main content

Demand for Mining Hardware Spikes in Russia, Prices Rise

Demand for Mining Hardware Spikes in Russia, Prices Rise

The market for crypto mining equipment in Russia has seen strong interest from buyers of both new and used devices, retail data indicates. This year, demand for application-specific integrated circuit (ASIC) machines has multiplied exponentially while video cards have been in short supply leading to rising prices.

Crypto Miners in Russia Looking to Increase Computing Power

Online retailers have registered a surging demand for mining machines, brand new and second hand, the Russian business daily Kommersant reported. Searches for devices designed to mine bitcoin (BTC), or ASICs, on the Russian classifieds site Avito.ru have increased 14 times year-on-year, when supply rose 13 fold.

The price of a mining unit averaged 117,900 rubles (almost $1,600). The most sought-after products were Whatsminer ming rigs manufactured by the Chinese manufacturer Microbt, demand for which spiked 23 times. At the same time, searches for Antminers built by the Beijing-based company Bitmain were 11 times larger than last year’s figure.

Results from the first three quarters of the current year show that sales of crypto mining products on the e-commerce platform Ozon.ru also increased, by 13 times the number of units and 14 times in terms of value on an annual basis.

The newspaper points out, that after the capital Moscow and Russia’s second-largest city Saint Petersburg, Krasnodar Krai, the Republic of Tatarstan, and Sverdlovsk Oblast have been the main destinations for the majority of the orders. That’s despite these regions not even offering the lowest electricity rates in the country.

Graphics processing units (GPUs), used for the minting of ethereum (ETH) and other altcoins, have been in short supply due to the global deficit of microchips, which also pushed prices up. For the first 10 months of 2021, GPU sales fell by 15.8% year-on-year, although the market grew by 129.6% in value, according to Anton Fomin, a business analyst at Marvel-Distribution. The report notes:

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

Fomin believes that the difficult situation in the video card market will persist as long as crypto farms bring good income. By the end of 2023, the deficit is unlikely to disappear, but the delay in the deliveries will definitely be shortened, from 48-50 weeks to 10-14 weeks, Kommersant quotes the expert as saying.

With the government in China cracking down on cryptocurrency mining since this spring, energy-rich Russia has become one of several major destinations for bitcoin miners seeking friendlier jurisdictions. Data published by the Financial Times in November revealed that the Russian Federation has received the bulk of the mining machines moved out of the People’s Republic amid the miners’ exodus.

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

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory