Retail data shows that Russia’s encrypted mining equipment market has aroused strong interest from buyers of new and used equipment. This year, the demand for application-specific integrated circuit (ASIC) machines has increased exponentially, and the shortage of graphics cards has led to price increases.

Russian crypto miners want to increase computing power

According to a report by the Russian business daily Kommersant, online retailers’ demand for new and second-hand mining machines has surged. Search for devices designed to mine Bitcoin (Bitcoin), or ASIC, On the Russian classified advertising website Avito.ru, the year-on-year increase was 14 times, when the supply increased by 13 times.

The average price of a mining unit is 117,900 rubles (nearly 1,600 US dollars).The most popular product is a Shenma mining machine produced by a Chinese manufacturer Weibo, Demand soared 23 times.At the same time, search for the Antminer built by the Beijing company Bitmain It is 11 times that of last year.

The results of the first three quarters of this year show that the sales of cryptocurrency mining products on the e-commerce platform Ozon.ru have also increased, increasing by 13 times the number of units and 14 times the value each year.

The newspaper pointed out that after the capital Moscow and Russia’s second largest city, St. Petersburg, Krasnodar Krai, the Republic of Tatarstan and Sverdlovsk Oblast became the main destinations for most orders. Although these areas do not even offer the lowest electricity bills in the country.

Graphics processing unit (GPU), used for the casting of Ethereum (Ethereum) And other altcoins are in short supply due to the global shortage of microchips, which has also pushed up prices. Marvel-Distribution business analyst Anton Fomin said that in the first 10 months of 2021, GPU sales fell 15.8% year-on-year, but market value increased by 129.6%. The report states:

Suppliers and retailers are forced to increase the price of equipment, but people are willing to buy at almost any price.

Fomin believes that as long as the crypto farm brings good income, the difficult situation in the graphics card market will continue. Kommersant quoted experts as saying that by the end of 2023, the deficit is unlikely to disappear, but delivery delays will certainly be shortened, from 48-50 weeks to 10-14 weeks.

With the Chinese government Blow Since this spring, in terms of cryptocurrency mining, energy-rich Russia has become one of the main destinations for Bitcoin miners seeking a more friendly jurisdiction.Data released by the Financial Times in November disclose The Russian Federation received most of the mining machines shipped from the People’s Republic of China during the exodus of miners.

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

Lubomir Tasef

Lubomir Tassev is a tech-savvy journalist from Eastern Europe. He likes Hitchens’ famous quote: “Being a writer is my nature, not what I do.” In addition to encryption, blockchain and financial technology, international politics and economics Are the other two sources of inspiration.