Russian miners turn to digital currency mining to make a living, and they have something to say

In 2017, the cryptocurrency craze triggered a global graphics card shortage, and the worst hit areas were precisely in low-wage countries like Russia (because the profits provided by cryptocurrency mining are enough to compete with many mainstream jobs). RT, an international news organization funded by the Russian government, interviewed some local miners in Russia to understand the Bitcoin mining industry in Russia.

Ilya, a miner from Siberia, told RT that “Pensioners give Bitcoin mining gadgets as gifts to their grandchildren. And their grandchildren even compete with each other to see who can earn the most Bitcoin! In essence, it is these retired people who make their grandchildren addicted to mining!”

In addition, RT also interviewed Dmitry, a 15-year-old Bitcoin miner. Dimitry said: "Mining technology is very promising, more and more people are participating, and participants need to master new skills and improve old practices." Despite the rapid growth of this industry, the student admitted that many people are skeptical about his activities, even his parents. "Although I took the initiative to explain to them the mining process and the opportunities of mining, they are skeptical about it. That's why I have to do it alone."

At a recent Q&A event in Moscow titled “Digital Economy: Generation Z,” 16-year-old Yaroslav claimed that his cryptocurrency investments had yielded 12,000% this year, and that his 1,000 rubles ($17) investment in February had grown to 127,000 rubles ($2,200) seven months later.

As we all know, Russians generally have low wages, and many people cannot even afford food and clothing. In order to cope with economic difficulties, many Russians have turned to the Bitcoin mining industry. Domashko, a miner from Siberia, entered this field because of life pressure. "The terrible crisis once forced me into a dead end, and the profits of the mining industry are not as good as those of drug trafficking and arms sales." Domashko said that in his opinion, Bitcoin will eventually be adopted by the mainstream. He even predicted that Bitcoin can even be compared with legal currencies such as the US dollar and the euro...

Even figures like Russian President Vladimir Putin have discussed cryptocurrencies, and Japan has declared digital currencies such as Bitcoin to be legal forms of payment.

Recently, the Russian Ministry of Finance also announced that it is currently developing a draft law aimed at regulating (legalizing) cryptocurrency trading. Finance Minister Anton Siluano said that "there is no point in banning cryptocurrencies, regulation is necessary," In other words, Russia will no longer seek to ban cryptocurrencies. Recently, the governor of the Leningrad Oblast of Russia also proposed a mining promotion plan, inviting Bitcoin miners to build mines at nuclear power plants in the Leningrad region. And a few weeks ago, the Internet Development Research Institute and the Russian Blockchain and Cryptocurrency Association announced an electricity preferential project aimed at attracting large cryptocurrency miners.

These developments are undoubtedly positive for the cryptocurrency miners in Russia.

What do you think?