This development has been the case since October, notwithstanding the current deplorable state of the crypto industry and considering that the prices of cryptocurrencies have largely become really unpredictable. Dealers in mining rigs have come out to share their sales numbers so far in the last quarter of this year to back up this claim.
More Mining Machines Are Bought Everyday
A careful evaluation of the statistics shows that in the last part of 2022, more bitcoin mining equipment has been bought in the Russian Federation. This development could be quite confusing, as owing to the current deplorable state of bitcoin as well as other cryptocurrencies, one would ordinarily expect that the process of mining cryptos will slow down. That may be the situation in other countries, but it is quite different in Russia.
Distributors that were interviewed have attested to this development. According to one of Russia’s leading distributors of crypto mining rigs, the sales that the company made in October and November 2022 alone were far higher than what they had made in the whole of the third quarter of the year. Altogether, the company has recorded a 65% increase in sales this year.
Ranging from the relatively low cost of energy to the affordable prices of mining equipment, it appears as if the Russian Federation is the ideal place to begin. According to Vladislav Antonov, the Russian financial analyst, the cost of production being pretty close to the price of the mining rigs gives a really good window to make an investment.
Russian Mining Revenue Are Still High
Despite the current state of bitcoin, Russian revenues are still at an all-time high. According to Didar Bekbauov, the co-founder of the crypto-mining firm, this is the case for a number of reasons.
Seeing that the mining of crypto is only allowed in the parts of Russia that have an abundance of energy, Didar listed the expertise of the people, the cheap electricity rate, fewer sanctions, and others as reasons.
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