Popularity of cryptocurrencies and mining among Russians drops to its lowest point in a year

What’s new? The popularity of cryptocurrencies and mining in Russia dropped to its lowest levels over the past year. According to Google Trends, the figure of the dynamics of the popularity of the corresponding queries is at 20 and 19 scores. It is noteworthy that the frequency of requests about cryptocurrencies peaked in May 2022, and then began to decline sharply. Information about the mining of digital assets users searched most often in January, then the figure also dropped, showing small spikes in April and September.

Source: Google Trends data for the query “cryptocurrency”

Source: Google Trends data for the query “mining”

Interest in cryptocurrencies in Russia. The most frequent queries for cryptocurrencies came from users in Ingushetia, Dagestan, and Chechnya, as well as Moscow and the Irkutsk region. Dagestan, Irkutsk region, Khakassia, Kemerovo region, and Krasnoyarsk Territory were among the leaders in queries for mining.

Among digital assets, Russians were most often interested in the Toncoin token (TON), created by the Durov brothers in 2017. The maximum interest in the asset was recorded in mid-January.

Mid-May was the peak of queries for the Terra (LUNA) token — that was when the ecosystem was undergoing turmoil, as a result of which its assets depreciated. The greatest interest in LUNA was shown by residents of Moscow and St. Petersburg.

Another popular asset was the token of the BitTorrent Chain (BTTC). In October, TRON founder Justin Sun announced the merger of the blockchain of the Huobi crypto exchange, with his ecosystem and BitTorrent Chain.

Also, according to Google Trends, at the end of last October, Russians were actively interested in the SQUID token, which was created based on the popular at that time series “Squid Game.” In November 2021, it turned out that it was a scam project, back then the price of the asset fell from $2850 to $0,005 in just a few minutes.

Earlier, Forbes reported that prices on popular GPU models in Russia fell from 500 000 to 100 000 Russian rubles in seven months. One of the main reasons was the transition of the Ethereum blockchain to the Proof-of-Stake consensus algorithm on September 15, 2022.