Miners in Russia are not fazed by the current bear market for cryptocurrencies and are taking advantage of the situation to stockpile ASIC devices.
The demand for cryptocurrency mining hardware from Russian customers is said to have skyrocketed during the final three months of the year, according to a report published by Cointelegraph, which cites the Russian news agency Kommersant. The outlet was informed by a number of Russian crypto mining distributors that there has been a significant uptick in the demand for ASIC-based mining hardware.
According to a statement made to Kommersant by the Russian dealer Chilkoot, their total number of ASIC sales in November and October was higher than the total number of sales made in the previous quarter. The distributor also asserts that it has increased the amount of hardware it has sold by 65 percent in the past nine months compared to the total amount sold in 2021.
Chilkoot development manager Artem Eremin said:
We are working with legal entities, and we see that they began to buy 30% more equipment in one transaction than at the beginning of the year.
BitRiver, which operates Russia’s largest cryptocurrency mining data center, stated that it has witnessed an increase in demand, claiming that demand has grown by 150% over the course of the previous 10 months.
As the price of Bitcoin continues its downward trend, it would appear that Russian miners are taking advantage of the price reductions currently available for mining equipment. According to the report, the revenue generated from Bitcoin mining hit a two-year low in November. This caused some of the larger global mining firms to question whether or not they would be able to continue operating at their current scale due to mounting losses.