Crypto Mining and Home Work Boost GPU Sales in Russia

Miners in Russia are buying more equipment, despite regulatory uncertainty.

According to a new report, sales of graphics cards in Russia are growing rapidly. This growth is accompanied by an increase in remote working and cryptocurrency mining

According to several local retailers, such as Citilink and Svyaznoy, sales of graphics cards in connection with the crypto mining in Russia in August 2020 increased significantly, as Kommersant on September 14 reported .

Alexei Rusakov, a senior executive at the technology sales company The News Spy, told Kommersant that sales of mining graphics cards rose 49 percent in August. According to Irina Shekovtsova, head of communications for Russia and the CIS countries at Nvidia, this corresponds to a year-on-year increase in sales by technology giant Nvidia.

According to „Kommersant“, sales of PC components shot up in the period from June to August 2020. That is 470 percent more than in the same period last year

The sharply increased interest in crypto mining in Russia is accompanied by strong regulatory uncertainty in the mining industry. The most important Russian cryptocurrency law entitled „On Digital Financial Assets“ of July 2020 does not mention the term „mining“ at all.

The law is known as the „glossary for crypto“ . There is another bill that is supposed to cover the mining industry. The bill called „About Digital Currencies“ is intended to create a regulatory framework for the crypto industry in Russia and is expected to be passed in December 2020 .

In early September 2020, the Russian Ministry of Finance proposed changing the first law . Miners should be banned from receiving payments in crypto for their activities. „Standalone crypto mining is legal, but loses its financial value because the payment is usually made in Bitcoins and Ether,“ the agency said.