During 2017, the GPU shortages signifies a sharp increase in Russian crypto mining activities.
2017s cryptocurrency boom sparked graphics card shortages globally. Russia is the most extreme shortages being witnessed in low wage in which cryptocurrency mining can offer returns that rival many mainstream careers. The mining activities has dramatically increase in both public and private sector.
RT , an international news organization funded by the Russian state has conducted interviews with several miners seeking to gain insights into Russia’s bitcoin and cryptocurrency mining industry.
Cryptocurrency Is Turning Russian Teenagers into Businessmen
In an interview, Dmitry, a 15yr old schoolboy, started bitcoin mining. “Mining technologies are very promising”, he says. Therefore, the more number of people involve in this are tend to get new skills and improving old practices.
In recent Quiz-“Digital Economy: Generation Z” in Moscow, Yaroslav, 16 year old claims to make a paper gains of over 12000% this year through cryptocurrency investments. He states that he “invested 1000 rubles in February. Since, seven months have passed and now I have 127000 in cryptocurrency equivalent”.
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Related Coverage: Finance Minister: Russia to regulate Bitcoin Market
The Average Monthly Russian Wage-3,800 Rubles ($66.05 USD)
Most of the Russians opinions about bitcoin mining as a response to prevailing economic hardship. A Siberian miner, Domashko begins mining in order to attain subsistence states that “the terrible crisis did not let me live”, and that “even drug and arms trafficking don’t yields profitability” of mining.
Recently, Russian finance ministry announces that is currently working in a draft bill for the legalization and regulation of cryptocurrencies.
He announced that,
“there is no point in prohibiting [cryptocurrencies], it is necessary to regulate them”.
Further, he confirms that Russia will not seek to prohibit cryptocurrencies. However, Russia has future plans to foster worldwide dominant mining sector inviting bitcoin miners to create an industrial park.
Read Next: Russia Government is planning to Subsidize Bitcoin Mining Electrical Cost