Bitcoin Mining Rig Purchase Spikes in Russia Due to Low Electricity Costs

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Russia’s low electricity prices were a major factor in the enormous increase in demand for discounted ASIC Bitcoin mining equipment in Q4. However, there is still a bleak future for miners around the world.

JUST IN: Demand for #Bitcoin mining ASIC has “skyrocketed” in Russia – Russian newspaper Kommersant 🇷🇺

— Bitcoin Magazine (@BitcoinMagazine) December 4, 2022

The use of cryptocurrencies, especially Bitcoin and its mining operations, has been fraught with controversy in many parts of the world. Although several nations raised concerns about BTC transactions, some significant occurrences have demonstrated the need for decentralization. The tragic confrontation between Russia and Ukraine is one illustration.

The leading cryptocurrency had a 16% increase in March 2022 as the US tightened sanctions and the Russian war on Ukraine proceeded.

Katie Talati, the head of research at the financial firm Arca, shared her opinions on the ongoing conflict and how it might affect BTC, noting:

“Digital assets like Bitcoin are kind of an inflection point; Bitcoin was designed to do what it’s meant to be: a ‘non-sovereign’ asset. A way for citizens in countries that have unstable governments or unstable economies to put their money in something unrelated to their economy.”

Bitcoin to Ruble Transactions Nearing 1.5 Billion RUB

The Ruble (RUB)-Bitcoin (BTC) trade pair is evidence that bitcoin trading has become prominent in Russia. The volume of BTC transactions denominated in rubles (RUB) was close to 1.5 billion rubles at that time, according to metrics compiled by the crypto analytics provider Kaiko.

This suggested that a large number of Russian residents would be looking for ways to exchange their fiat cash for other assets. This came immediately after the United States, the United Kingdom, and certain EU countries imposed financial penalties on Russia.