Crypto mining hardware is in high demand in Russia despite high prices

RIYADH: Russian online retailers have registered a growing demand for new and used cryptocurrency mining machines, the Russian business daily Kommersant reported.

This year, the demand for application-specific integrated circuit machines has doubled dramatically while video cards have been in short supply which has driven prices up.

Searches for hardware designed to mine Bitcoin or ASICs on the Russian classifieds site increased 14 times year over year as supply increased.

The most sought-after products were the Whatsminer ming rigs manufactured by the Chinese company Microbt, for which the demand increased 23 times.

Meanwhile, searches for Antminers built by Beijing-based Bitmain were 11 times larger than last year’s figure.

Results from the first three quarters of this year show that sales of crypto mining products on the Ozon.ru e-commerce platform also increased by 13 times.

New crypto exchange

Blockchain and crypto infrastructure provider, Binance announced that it has created a joint venture with a consortium led by Telkom Indonesia’s $830 million venture capital arm.

Telkom Indonesia is also the largest telecom company in the country, Bitcoin.com reported.

The aim of the joint venture is to expand the blockchain ecosystem in Indonesia with the development of a new Indonesian-based digital asset exchange.

Binance will provide world-class asset management infrastructure and technology to support the development of the new exchange platform, according to the advertisement.

Trading

Bitcoin, the leading cryptocurrency in trading internationally, traded higher on Sunday, rising by 0.92 per cent to $47,320 at 7:15pm Riyadh time.

Ether, the second most traded cryptocurrency, traded at $3,938, down 0.24 per cent, according to data from CoinDesk.

Also Read

SAL expansion project launched; annual cargo handling capacity to reach 1.1 million tonnes

JEDDAH: Saudi Transport and Logistics Minister Saleh Al-Jasser has inaugurated the first...