According to a crypto mining executive, Bitcoin mining in Russia can still be profitable despite a massive drop in BTC price this year.
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.
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