Demand for leasing of mining equipment increases in Russia

The total market volume this year amounted to 1 billion RUB

19.10.2022 - 11:00

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2 min

What’s new? According to experts interviewed by Kommersant, the demand for the leasing of cryptocurrency mining equipment is growing in Russia. BitCluster, Intelion Data Systems, and Chilkoot, as well as Transleasing, have already reported on the implementation of such initiatives. That said, according to Chilkoot, the total volume of this market in the country in 2022 reached 1 billion Russian rubles (RUB), and in 2023 could grow to “tens of billions.”

Kommersant’s material

More details about the situation. As co-founder of ENCRY Foundation Roman Nekrasov notes, cloud mining equipment was previously purchased in Russia with leasing. The main advantage of this method is the possibility to buy back the equipment.

BitCluster co-founder Sergey Arestov added that “leasing leverage helps to multiply the potential of the purchase, thereby significantly increasing the computing power.” In this, Nekrasov believes that the growing popularity of leasing is due to the fact that many miners are now working “at the brink of prime cost,” so they are trying to sell or surrender their equipment.

At the end of September, the Bank of Russia and the Ministry of Finance agreed on the position on the regulation of cryptocurrency mining in the country. According to the common decision of the regulators, mining should be allowed only in regions with an excess of electricity. Anatoly Aksakov, head of the State Duma Committee on the Financial Market, noted that the Central Bank was “firmly against” the legalization, as it saw mining as a threat to the financial system.

In August, the experts at Intelion Data Systems reported that the power consumption of Russian miners increased 20 times in 5 years. The share of cryptocurrency mining ranged from 0,64% to 2% in the structure of energy consumption.

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