Crypto mining is a profitable business and people are willing to invest in mining. It is worth mentioning that the graphics processing unit (GPU)’s sales are surging amid an increase in remote work and the apparent growth in cryptocurrency mining in the Russian Federation.
Based on the information provided by retailers, crypto mining-related sales of graphics cards in the country increased in August 2020. For example, last month GPU sales rose by 49% and this fact once more shows that people are ready to pay despite the ongoing situation.
Interestingly, this comes in line with a two-fold increase in sales by the tech giant Nvidia on a year-on-year basis. This is not the end of the story, PC components’ sales jumped over the period of June to August by 470% compared to the same period of time in 2019.
Crypto mining and Russian Federation
There are certain challenges as well. Notably, the purported surge of interest in crypto mining in Russia comes with certain risk factors. People should take into account that, Russia’s major cryptocurrency law “On Digital Financial Assets” does not mention the term mining at all. Importantly, Russian President Vladimir Putin signed this bill into law.
The law “On Digital Financial Assets” is a glossary to crypto. However, there is another bill that will likely address the topic of crypto mining. This bill most likely will provide a regulatory framework for the crypto industry in the country.
It makes sense to wait for several months, to learn more about the bill “ On Digital Currency”. Based on the preliminary information, lawmakers will approve this bill in December. People should pay attention to this bill, as it has the potential to affect the industry in the long run. Consequently, without solid regulations, it will be difficult to develop crypto mining in the country.