Forbes: Russian miners began to actively sell video cards – Bits Media

The fall of the cryptocurrency market and a decrease in mining's profitability led to a massive sale by Russian miners of top -end video cards in the secondary market.

As the Forbes sources told the Forbes, Wanted to stay anonymous, mining market in Russia in June decreased about five times compared to the beginning of the II quarter of this year. This led to a three -fold drop in the prices for top video cards. for instance, Nvidia GeForce RTX video card 3090 Now stands from 120 000 to 170 000 rubles, While in March its price reached almost 540 000 rubles. Moreover, Mass sale of video cards in the secondary market is fixed.

Avito representative told Forbes, that sales of video cards on the site in April fell on 7%, And in May even on 3.5%. Now on Avito in Russia exhibited 4 384 ads for the sale of video cards Nvidia GeForce RTX 3060 and 1 230 ads for the sale of Nvidia GeForce RTX 3090.

maybe, Thus, miners turn their activities and try to realize the equipment falling in price against the background of a general decrease in mining profitability. Another reason for the sale of video cards by Russian miners can be the expected Ethereum transition to the Proof-Of-Stake algorithm in August (PoS). 

The problems of the Russian cryptocurrency market segment reflect a global trend in reducing mining costs, the withdrawal from the circulation of unprofitable equipment and the enhanced sale of accumulated crypto acts to cover operating costs.

In "Good times" miners have enough money, to cover their current electricity costs and administrative expenses. but, It looks like these times have remained in the past. According to financial reports, provided by Nydig, Miners sold in May 4 411 BTC. It is three times more, than the average monthly indicator in 1 115 BTC for previous periods.

Recall, What in May, After the comments of specialized State Duma committees, The version of the bill “On Mining in the Russian Federation” previously proposed for approval was withdrawn for revision. The new bill no longer provides for an amnesty, exempting miners from customs clearance of equipment and taxes.