Miners in Russia have remained unfazed by the crypto bear market and are using the opportunity to hoard ASIC devices.
According to a report by Cointelegraph, citing Russian news agency Kommersant, the demand for crypto mining hardware by Russian customers has surged during the final quarter of the year. Several crypto mining distributors in Russia told the outlet they have seen a spike in demand for ASIC-based mining hardware.
Russian dealer Chilkoot told Kommersant that its ASIC sales in November and October exceeded the total number of sales made in the preceding quarter. The distributor also claims it has sold 65% more hardware over the last nine months than in all of 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, Russia’s largest crypto mining data center, also claimed to have seen a jump in demand, claiming 150% growth over the past 10 months.
Russian miners appear to be taking advantage of the reduced prices for mining equipment as the Bitcoin price continues to trend lower. According to the report, Bitcoin mining revenue hit a two-year low in November, leading some of the larger global mining firms to question whether they would be able to continue at their current scale due to mounting losses.
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