Amid the rising cost of Bitcoin in November 2024, Russia is experiencing a noticeable increase in demand for cryptocurrency mining equipment. Equipment sellers and mining companies report that sales volumes have increased two to three times compared to previous months.
Experts confirm that the rise in Bitcoin prices is always accompanied by an increase in demand for equipment. In particular, during a "bull" trend, industrial and private miners intensify their efforts, which is also reflected in the growth of the hash rate — an indicator of the computing power of the network. The market has faced a shortage of equipment, which has led to a 10–15% increase in prices over the past months.
ASIC devices are currently used for Bitcoin mining — specialized machines that can operate both autonomously and within mining pools. The most popular models for efficient mining include Bitmain Antminer S21 Pro and MicroBT Whatsminer M66S 310T. The cost of one device is about 400 thousand rubles.
Demand for equipment is also growing amid the improvement of the regulatory framework in Russia, with the introduction of a new law on mining and clarifications regarding restrictions that may be introduced in a number of regions due to electricity shortages. However, despite the improvement in legislation, there are still risks associated with possible changes in tax legislation and bans on mining in certain regions.
Mining remains a highly profitable business in Russia, despite the increase in cost after the Bitcoin halving in 2024. The average cost of mining one Bitcoin in the Russian Federation is about $40 thousand, while in regions such as the Irkutsk region, it may be lower, about $35 thousand, if it is possible to find cheap sources of electricity. The most profitable mining is possible when using modern computing machines on an industrial scale or on large mining farms.
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