Revenues from mining in Russia grow 18-fold in four years

During this period, the figure increased from 7 billion to 128 billion RUB

21.10.2022 - 10:45

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2 min

What’s new? In Russia, revenues from bitcoin mining grew 18-fold from 2017 to 2021. During this period, the figure increased from 7 billion to 128 billion Russian rubles (RUB), RBC reports citing a report of Intelion Data Systems, an operator for the sale and maintenance of computing equipment. It is reported that in 2022 the total revenue decreased to 57 billion RUB. Due to the decrease in revenue and the reduction of BTC hashrate coming from Russia, the annual figure of the turnover from the asset’s mining may reach 85,59 billion RUB. Analysts believe that the second quarter of 2022 is the worst for 11 years of observation.

RBC’s material

What else does the report say? According to the document, over the last five years, there has been an increase in the activity of Russian miners in Russia. According to analysts, since 2017, “an explosive popularization” of the cryptocurrency business has begun in the country. Despite the volatility of bitcoin, the incomes of miners from the Russian Federation grew steadily.

According to Timofey Semenov, CEO of Intelion Data Systems, mining is a promising direction and its development can greatly influence the improvement of economic indicators. He also believes that this sector will help to develop the internal IT infrastructure and will allow attracting investments into the energy-efficient regions of the country stimulating the development of related areas.

In August, experts at Intelion Data Systems reported that the energy consumption of Russian miners grew 20 times in 5 years. The share of cryptocurrency mining ranged from 0,64% to 2% in the structure of energy consumption. In October, journalists reported that the demand for the leasing of mining equipment increased in Russia. The total market volume in 2022 was 1 billion RUB.

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