Media: Russian miners sell off equipment to return investments
Some industry players are trying to rent graphics cards to retailers, while others are placing them on marketplaces
14.07.2022 - 14:15
487
2 min
0
What’s new? Amid the instability of the cryptocurrency market, Russian miners are actively selling off equipment to return funds invested in the business. As the interlocutors of Rossiyskaya Gazeta noted, the profits of individuals and small cryptocurrency mining companies decreased significantly, while large players, having more resources, retained opportunities for work and development.
Information on the website of Rossiyskaya Gazeta
What do industry representatives say? Igor Runets, CEO of BitRiver, a data center operator, noted that the cost of video cards decreased by another 10-15% compared to June, when miners started to sell them en masse. He added that the decline in the cost of equipment allowed BitRiver to step up investment activities and open a new data center in Ust-Ilimsk.
How do miners sell off equipment? According to Evgeny Kharitonov, editor-in-chief of Ferra.ru, individuals and small mining companies are selling devices on Wildberries and Avito. Some industry participants are trying to return previously purchased graphics cards to hardware retailers. Citilink told of a case where a customer wanted to return allegedly faulty equipment worth 10 million rubles — more than 500 graphics cards. Kharitonov noted:
“Further graphics card prices in Russia depend on the stability of supply — right now, currency fluctuations have not led to an increase in the price of graphics cards due to oversaturation of the market.”
At the end of June, Arcane Research analyst Jaran Mellerud noted that the decline in profits from cryptocurrency mining may force companies to sell ASIC miners, which would bring down their prices, which are already at their lowest for a year and a half, even more.
Bloomberg reported that a number of mining companies were having trouble paying back loans totaling about $4 billion. The reason was the prolonged decline in the bitcoin exchange rate. The number of loans at risk of default is growing as the value of many of the cryptocurrency mining rigs accepted by lenders as collateral has halved.
Useful material?
Telegram 
Twitter Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Market
The company predicts that the rate of the first cryptocurrency will grow to $200 000 by the end of next year
Nov 11, 2024
Technologies
The company also unveiled its own blockchain adoption index
Nov 11, 2024
Cryptocurrency rates
-
Bitcoin
$90 580
BTC
+1.2%
-
Ethereum
$3 108.49
ETH
+1.97%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.11
XRP
+5.68%
-
Dogecoin
$0.368457
DOGE
+6.08%
-
Cardano
$0.730578
ADA
+4.65%
-
Bitcoin Cash
$445.56
BCH
+0.62%
-
Polkadot
$5.72
DOT
+2.86%
-
Litecoin
$90.35
LTC
+0.86%
-
Stellar XLM
$0.221315
XLM
+12.43%