In Russia, citizens’ interest in cryptocurrency mining equipment has increased sharply. In recent weeks, demand for such hardware has increased tenfold, and experts attribute this jump to a new law legalizing mining. Signed on August 8 and entering into force on November 1, 2024, the law created a legal framework for this activity, which had previously fallen on hard times.
Before the law was enacted, mining faced serious problems: falling cryptocurrency prices and negative aspects such as debts to electricity suppliers created many difficulties for miners. The new law introduces concepts such as “digital currency mining” and “mining infrastructure operator”, which, according to market participants, will give more legitimacy to this area. Representatives of the Industrial Mining Association, BitRiver company and distributor Chilkoot reported that Russians have begun to actively seek information about mining and are ready to invest in the necessary equipment.
Chilkoot’s statistics show that requests to purchase mining equipment have nearly tripled following news of legalization. BitRiver has also noticed an increase in demand for its services since the end of April. The Industrial Mining Association’s chief expert noted that the previous Bitcoin halving, which usually leads to a price increase, has also increased interest in mining. Now that the rules of the game in the industry are clear, many who were previously hesitant due to fear of losing their equipment are feeling more confident.
Source: Ferra
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