Russian bitcoin miners benefit from the economic situation

Problems in the global financial market have generated indirect benefits for bitcoin miners in Russia. That’s because the Russian national currency has rapidly lost value, dropping from 60 to 80 rubles per dollar in two weeks.

With the ruble decrease, the average price for electricity, one of the highest costs for miners, also decreased. In Siberia, Russia’s main mining region, the average price for energy available for local mining farms has dropped from 5 cents per megawatt per hour to 4.

Russian bitcoin miners earn more!

At the same time, the price of Bitcoin is still calculated in US dollars, which makes miners earn more than they have before.

“Since the price of cryptocurrency is linked to the US dollar, the ruble decrease is beneficial for miners,”

said Alexander Shashkov, founder of Intelion Mining.

Igor Runets, CEO of Bitriver Mining Facility in Bratsk, Russia, said last week that he had signed two new mining contracts for a total of 24 megawatts per hour of electricity.

“All the expenditures on the farm are in rubles, so that, once the ruble falls, Russia consolidates its position on the mining market”,

explained Runets.