Demand for Mining Hardware Spikes in Russia, Prices Rise – Mining Bitcoin News

The crypto mining equipment market in Russia has seen strong interest from buyers of both new and used equipment, retail data shows. This year, demand for application-specific integrated circuits (ASICs) has multiplied exponentially while video cards have been in short supply, leading to rising prices.

Crypto miners in Russia looking to increase computing power

Online retailers are seeing increasing demand for mining equipment, both brand new and used, Russian business daily Kommersant reported. Looking for devices to mine Bitcoin ( BTC ), or ASICs, on the Russian classifieds site Avito.ru have increased 14 times compared to last year, while the supply has increased 13 times.

The price of a mining unit averaged 117,900 rubles (almost $1,600). The most sought-after products were Whatsminer Ming rigs from the Chinese manufacturer Microbt, demand increased 23 times. At the same time, Antminers built by the Beijing-based company are being sought Bitmain were 11 times higher than the previous year.

Results from the first three quarters of the current year show that sales of crypto mining products on the e-commerce platform Ozon.ru have also increased by 13 times in number and 14 times in value on an annual basis.

The newspaper points out that after the capital Moscow and Russia's second largest city Saint Petersburg, Krasnodar Region, the Republic of Tatarstan and Sverdlovsk Oblast were the main destinations for the most orders. This is despite the fact that these regions do not even offer the lowest electricity tariffs in the country.

graphics processors ( GPUs ), used for minting Ethereum ( ETH ) and other altcoins, were in short supply due to the global microchip shortage, which also drove up prices. In the first 10 months of 2021, GPU sales fell 15.8% year-on-year, although the market grew 129.6%, according to Anton Fomin, a business analyst at Marvel-Distribution. The report states:

Suppliers and retailers have been forced to raise prices for equipment, but people are willing to buy at almost any price.

Fomin believes that the difficult situation in the video card market will continue as long as crypto farms bring good income. The deficit is unlikely to disappear by the end of 2023, but the delivery delay will definitely shorten from 48-50 weeks to 10-14 weeks, Kommersant quotes the expert as saying.

With the government in China take tough action In the cryptocurrency mining space, energy-rich Russia has emerged since this spring as one of several key destinations for Bitcoin miners seeking friendlier jurisdictions. Data published by the Financial Times in November revealed that the Russian Federation received the majority of mining equipment that was expelled from the People's Republic amid the exodus of miners.

Do you think the demand for mining equipment in Russia will continue to grow? Let us know in the comments section below.

Lubomir Tassev

Lubomir Tassev is a tech-savvy journalist from Eastern Europe who likes Hitchens' quote: "Being a writer is what I am, not what I do." In addition to crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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