Russia-based crypto miners are buying more ASICs to take advantage of the low price of their mining hardware.
In addition to the price activity of the crypto money market, important signals are also coming from crypto mining. Rising costs and the falling crypto market are starting to become a problem for crypto miners. Miners are looking for new ways to survive. Institutional mining companies, in particular, faced bankruptcy and liquidity problems. Compute North had come to the fore by filing for Chapter 11 bankruptcy. In the midst of these processes, Russia is among the countries that show great interest in crypto mining. Miners in the country started to show more interest in mining hardware in the fourth quarter.
Russia-based Crypto Miners Chasing Hardware
According to Russia’s local news channel Kommersant, some crypto mining hardware suppliers in Russia are receiving intense interest. Hardware suppliers have observed an increase in demand for custom integrated circuit (ASIC) chips.
Also, a local hardware vendor, Chilkoot, reported that ASIC sales in October and November exceeded those in the third quarter. The supplier has sold 65 percent more in the last nine months than in 2021.
Artem Eremin, Chilkoot development manager, said that they work with legal entities and sell 30 percent more hardware than at the beginning of the year.
The increase in interest in crypto mining hardware in Russia was attributed to the drop in price on the Bitcoin side and the cheapening of hardware products.
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