crypto mining

Miners In Russia Are Stocking Up On Equipment

crypto mining
crypto mining

Russia is experiencing an increase in the sales of Graphic cards (GPU). This surge in sales is down to the rise in remote work and an astronomical rise in crypto mining. According to retailers in the country like Svyaznoy, Citilink, and others, crypto mining-based sales of Graphic cards in the country notably increased in the last month. 

Alexey Rusakov, one of the executives at Citilink, mentioned that sales from mining-enabled graphic cards rose by 50% in August in comparison to previous months. According to Irina Shekhovtsova, communications director at Nvidia, the growth in sales is partly down to the two-fold increase sales by tech giant Nvidia in the past 12 months. 

According to local reports, PC component sales grew astronomically from June to August 2020, showing close to a 500% increase in the same period last year 

This reported growth in crypto mining in Russia follows a high level of regulatory uncertainty in the country. The country’s prominent crypto law does not, in any way, mention the term “mining.”

The crypto law tagged On Digital Financial Assets (DFA), which was enacted in July 2020, helps give the Russian crypto landscape a form of certainty in an uncertain time. 

While the DFA law is known as a key document for crypto, there is a second bill that would affect the mining industry. This new bill tagged “On Digital Currency,” will hopefully provide a more regulatory framework for the crypto industry in Russia. The On Digital Currency Bill is expected to pass at the end of 2020.

At the start of September, Russia’s Ministry of Finance moved to amend the DFA law to stop miners from receiving payments in crypto. “On its own, mining is legal, but it depreciates in value because the payment is processed in Ethers and Bitcoins,” the Ministry said. 

crypto mining
crypto mining

Moving Forward 

The Russian Government hopes the DFA bill and On Digital Currency bill will help reinforce regulations in the crypto space. According to officials, as more and more people shift towards a cryptocurrency environment, it will be beneficial to have specific rules and guidelines in place. 

 


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