Demand for cryptocurrency mining in Russia explodes

According to the fourth quarter report, Russians were buying more ASIC crypto mining gear. Low prices for electricity and equipment are driving a surge in spending, but supply remains strong and is expected to continue to grow. Russian mining equipment prices drop 20% ASIC miners are in high demand in Russia due to falling equipment prices and low electricity bills. The fourth quarter of 2022 saw a significant increase in demand for application-specific integrated circuit (ASIC) miners, or speci

His Chilcot at Minor posted more sales in his first two months of the fourth quarter than in the entire third quarter, according to news sources. His Chilcot earnings in his first nine months of 2022 are also up 65% over the same period in 2017. According to Bit River analyst Vladislav Antonov, prices for ASIC mining equipment have been welcomed by the Russian industrial market and are as close as possible to production costs. latest developments. According to Chilcot, the cost of mining his rig fell by almost 20 between August and October. However, the situation has continued since October, with prices remaining relatively high. Artem Ermine, CEO of Chilcot, explained that his company works with legal entities and that the amount of mining equipment he buys in a single transaction has increased by 30% year-to-date. He argued that one of the factors contributing to the decline in GPU costs, he argued, was Ethereum's move from a proof-of-work (Pow) consensus process to a proof-of-stake (Po’s) consensus mechanism. Antonov believes that given the current favorable conditions, Bitcoin in Russia he believes that entering the mining sector will allow users to earn substantial returns over the next three years. The amount of mining equipment in the country remains significant and may increase further, as many large mining companies are exiting the current harsh environment of the cryptocurrency industry. Conditions for cryptocurrency mining have become significantly more difficult around the world. Several mining companies have fallen behind on machine-backed loans, making things even worse for cryptocurrency lenders. When the profit margin hit 90%, the mining company secured his staggering $4 billion in funding. Most of them are now in financial trouble and have to return thousands of expensive mining his machines to their lenders. 

The situation has deteriorated since what contagiously hit the sector. data:Lacking efficient mining equipment and cheap electricity, bitcoin miners will benefit from production costs exceeding the value of the top cryptocurrency in the spot market over the past few weeks, which has put significant pressure on bitcoin miners. there is no. According to data aggregator Macro Micro, only three application-specific integrated circuit (ASIC) mining rigs are profitable as of November 30, 2022, with power miners spending about $0.12 per kilowatt hour (kWh). increase. Profits start increasing from $0.07 per kWh, and research shows that 16 different ASIC bitcoin mining machines have an advantage at this electricity rate.