Reportedly majority of the Bitcoin miners from Russia are allocating their investment in the crypto mining business because of the increasing regulatory efforts by the government agencies for the cryptocurrencies.
Russia is now a crypto-friendly country in the world because of its inclinatio toward decentralised payment options amid ongoing international financial sanctions over its economy as a part of the Russia vs Ukraine conflict which started in late Feb of this year. In late 2021, the majority of the Russian government agencies were against cryptocurrencies & the country’s central bank was creating a framework to introduce a blanket ban on the crypto industry in the Russian Federation.
According to a report from the Russian news agency Kommersant, the demand for crypto Mining hardware saw a sudden increase. Serval mining machines distributors also noted that their customers are asking for more supply of crypto mining hardwares.
Russian dealer Chilkoot disclosed that it sold approximately 65% more crypto-mining hardware over the last 9 months of the time frame.
Artem Eremin, development manager at
“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.”
Russia’s largest crypto mining data center “BitRiver” also noted that the increase in the demand for crypto mining machines surged by 150% over the last 10 months. These companies noted that such things are happening because of the government’s initiatives toward the crypto & crypto mining companies.
In mid of November of this year, Russian policymakers proposed a new bill to bring better clarity on the rules & laws over the crypto mining business, so that all the corresponding agencies can impose their rules & regulation and also can take enforcement actions against the bad actors which are illegally using electricity for mining purposes.