due to massive losses driven by the current bear market in crypto.
Miners in Russia have likely been increasingly hoarding crypto ASICs due to reduced prices of mining devices as well as low-cost energy.Bitcoin mining in Russia can still be profitable despite a massive drop in BTC price this year. According to the executive, the cost of mining 1 BTC at the electricity cost of $0,07 per 1 kilowatt-hour with the most up-to-date equipment can generate roughly $11,000. At the time of writing, BitcoinRussian bill would legalize crypto mining, sales under ‘experimental legal regime’
The industrial crypto mining market in Russia has been benefiting from the current market situation, BitRiver’s financial analyst Vladislav Antonov reportedly said. He noted that the demand for ASIC equipment in the wholesale segment increased due to a drop in purchase prices, which have become as close as possible to the cost of production. That is the best entry point for investment, the expert reportedly said.
According to Antonov, a mining entry during a bear market can potentially generate “significant profit of tens of percent” over a three-year period.
The Russians are really following this event very well. At the moment, the largest participants in our mining system are the Russians. Thank you.
amazing, this will keep any POW crypto pumping 🔥🔥🔥
Thought crypto was banned there. One of Putin's oligarchs wants to start CBDC
Russia is ideally suited for BTC mining; a combination of low energy cost, and economic sanctions that have been imposed against the country.
Kazakhstan is where you should go for mining.
'likely' well played cointelegraph :)
free electricity or what?
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