Analysts have calculated the revenue that Russians received from bitcoin mining

The revenue of Russian miners from bitcoin mining in the period from 2017 to 2021 increased by 18 times, analysts estimate. Miners’ incomes grew even during the fall in the value of the first cryptocurrency to local lows.

Calculations with RB.RU was shared by Intel ion Data Systems, a supplier of computing equipment.

In the first eight months, revenue from bitcoin mining in Russia decreased year-on-year and amounted to about 57 billion rubles. According to the forecast, by the end of the year, revenue will reach 85.5 billion rubles. In this case, 2022 will be the first year in the last five years when the revenue from bitcoin mining will decrease year by year.

“The explanation for this decline is the several negative factors that have developed in relation to the cryptocurrency — the economic crisis, the fall in the bitcoin exchange rate, sanctions and the strengthening of the ruble against the dollar,” the company said.

In the period from 2017 to 2021, the revenue from bitcoin mining in Russia grew steadily and increased 18 times. If five years ago, Russians earned 7 billion rubles from bitcoin mining, then in 2021 – 128 billion rubles. Revenue grew even during the crisis years for bitcoin, Intelion Data Systems noted.