An increasing number of Russian nationals living abroad are generating an income through reselling graphics cards to Russian cryptocurrency miners, following a dramatic GPU price hike in response to surging Russian demand for mining hardware.
For Many Living in Nations With Low-Wage Labor Markets, Cryptocurrency Mining Can Offer Far Greater Profits Than the Average Local Wage
The meteoric rise in the price of bitcoin and other cryptocurrencies during 2017 has attracted the attention of citizens across the globe. For many living in nations with low-wage labor markets, cryptocurrency mining can offer far greater profits than the average local wage.
It has been reported that many Russian miners are able to generate up to twice the average monthly wage offered in the labor market, resulting in a huge glut of demand for mining equipment locally. Local media has reported that the number of Russians engaged in cryptocurrency mining has increased by 500 – 700 percent, rendering many GPU retailers unable to meet demand. With consumers purchasing graphics cards by the hundreds, merchants have responded with price hikes of up to 80 percent.
The combination of enormous price premiums and lengthy waiting times, many Russian cryptocurrency miners are seeking out Russian nationals living abroad to supply them with GPUs and mining hardware.
Media outlet Realnoe Vremya was told by one Russian cryptocurrency miner that many Russians are obtaining mining hardware from international markets before distributing said GPUs to the Russian markets for a sizable profit. “Earlier 470 [AMD Radeon RX 470] could be purchased for 10,000 rubles. Now dealers are selling them for 22,000. They buy somewhere in China, bring here and sell two times more expensive”, the miner told Realnoe Vremya.
Russian Nationals Living Abroad are Able to Generate an Income Purchasing Graphics Cards From Retailers and Exporting Them to Russia
Russian nationals living in nations such as the United States, Canada, and the UK are increasingly able to generate an income simply by purchasing graphics cards from retailers and exporting them to Russia.
Canadian Mara Salakhutdinov has been requested to send graphics cards back to his friends in Russia numerous times, telling Realnoe Vremya that ”Prices in Russia are high. Online shops don’t deliver video cards to Russia from other countries…. probably there will be more people who want to buy with this buzz and interest.”
With many citizens able to make more money through cryptocurrency mining than in their local labor markets, it is unlikely that the current massive global demand for graphics cards show signs of letting up anytime soon.
Do you think that cryptocurrency mining will soon become a ‘normal’ side-income for more individuals? Share your thoughts in the comments section below!
Images courtesy of Shutterstock
Want to create your own secure cold storage paper wallet? Check our tools section today.
Purchase Bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH here.