Home News More Russians try to get rid of their cryptocurrency mining rigs

More Russians try to get rid of their cryptocurrency mining rigs

Russians tend to become more and more concerned about selling out their computer equipment designed for cryptocurrency mining. As reported by Avito Internet trading platform, the number of related ads has increased by 62 percent since the beginning of the year. By comparison, about as many of them were posted within a whole third quarter of the last year.

At the same time, the demand for cryptocurrency mining rigs is low. According to Avito, only 1525 of 23 000 ads triggered deals, that is, 6.6 percent of them. Yula trading platform reported a 34 percent downfall in demand for AntMiner devices in January.

As noted by Timofei Ra, the expert in cryptocurrencies, the weaker bitcoin causes the growth of offer on second-hand cryptomining equipment, whereas its payback period stretches to 10 months. He believes that such a long maintenance period requires certain sophisticated technical skills from a user, the same being true of pre-deal testing of the equipment. Newbie buyers of such equipment are at risk of miscalculating payback and therefore making bad deals, the expert warns.

Last year, the bitcoin price has grown by almost 14 times, only to suffer a 44 percent reversal at the beginning of this year. Apart from bitcoin’s high volatility, there is yet another factor that makes it quite an unpredictable asset. 40 percent of all bitcoins mined to date are shared by not more than a thousand owners who can affect its price disproportionately.