- Low costs for gear and power have also contributed to the dramatic growth.
- Revenue for the first nine months of the year is up 65 percent over the same period last year.
Despite the volatile price of Bitcoin, a recent analysis by Kommersant shows that purchases of Bitcoin mining devices in the nation skyrocketed in the fourth quarter.
Low costs for gear and power have also contributed to the dramatic growth. Sales at Chilkoot, one of Russia’s authorized dealers of cryptocurrency mining hardware, increased dramatically in the first two months of Q4 compared to the whole preceding quarter.
Revenue for the first nine months of the year is up 65 percent over the same period in the previous year. According to Chilkoot’s findings, the price of mining commodities dropped by about 20% between August and October. There was no change in pricing during the last month.
Multiple Factors Driving Sales
The mining gear distributor also found that, compared to the start of the year, single-transaction equipment purchases were up 30%. According to Vladislav Antonov, a financial analyst at BitRiver, the current market price of ASIC mining rigs is quite close to the cost of manufacture, making it a decent entry opportunity for investors.
Despite a promising beginning, Bitcoin’s price has fallen to around two-year lows as the network’s hash rate has stayed stable at 240 million Th/s. Recently, however, Russia has seen a multiplication in profits from the minting of the crypto-asset.
This new change follows an agreement between the Bank of Russia and the Ministry of Finance of the Russian Federation (Minfin) a few months ago to permit crypto mining in energy-rich areas and ban it in energy-scarce districts.
Russia’s lower house of parliament, the State Duma, has submitted a measure to legalize cryptocurrency mining and the selling of mined crypto assets.
