In the running year, the cryptocurrency industry has become a major loss for all kinds of investors. Like the rest of the investors’ groups, the crypto miners are also facing a downtrend.
Even when the year is about to end in less than a month, the crypto mining sector is facing a crisis. Although the crypto industry is showing some signs of recovery, the crypto mining crisis is growing fiercer.
This is something that is not good at all for the future of Bitcoin and the altcoins that are mined. If the crypto mining sector keeps facing a crisis, the situation may take a turn for the worst for the entire industry.
Russian Miners are Benefitting
Just when the overall mining industry is appearing to be facing a crisis, the Russian mining sector seems to be cashing in on that.
The Russian crypto-mining industry is just not bothered with what is happening with the crypto-mining industry in the rest of the world. They are focused on taking advantage of the situation.
Considering the current market downtrend, the crypto miners in Russia are eager to benefit from it. The latest reports show that the demand for crypto-mining hardware is on the rise in Russia.
The fourth quarter of 2022 has seen the demand for crypto mining hardware skyrocket. This clearly suggests that the crypto mining sector in Russia is eager to take full advantage of the market situation.
They want to acquire as much mining hardware as possible so they can carry out their mining activities on a larger scale.
The country may be attempting to beat several countries that are already far ahead of it in mining crypto. Russia is already considered one of the largest crypto-mining countries in the world.
With the acquisition of more and more mining hardware, the country seems to be getting ready to set another record.
Report Shared by Kommersant
Kommersant, one of the local news agencies in Russia has already gathered information about the ongoing activity in the country involving mining hardware.
The agency has shared in its December 1 report that the demand for ASIC chips has pumped tremendously in the fourth quarter.
The ASIC chips are designed specifically for the purpose of mining cryptocurrencies and their full form is an application-specific integrated circuit.
One of the largest dealers of crypto mining hardware in Russia, Chilkoot has shared its sales report for the ASICs.
The firm has reported that the sales they have recorded for each month of October and November are more than the combined sales in the third quarter.
Chilkoot has confirmed that so far, they have generated 65% more sales than they did in the year 2021.
Crypto Mining Adoption is on the Rise
Russia has reportedly become very ambitious in the adoption of cryptocurrency mining. The country has even proposed a bill for the legalization of the cryptocurrency mining industry in the country.
It is a possibility that because of the international sanctions on Russia, the country is now coming up with ways to circumvent these sanctions.
The country is eager to grow its influence in the cryptocurrency market so it can benefit from it and keep its economy running.
Chilkoot has revealed that they are now seeing that even the legal entities in Russia are purchasing ASICs to mine cryptocurrencies.
Compared to the past year, the legal entities have purchased more ASICs and other kinds of crypto-mining hardware in 2022. The stats show that a 30% increase has been recorded compared to 2021.
The largest data center facility for cryptocurrency mining in Russia, BitRiver has also reported a great demand for its services. The firm has recorded a 150% surge in the past 10 months.
Among all the firms taking interest in crypto mining and purchasing ASICs, Bitcoin is the cryptocurrency witnessing very high demand.
