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Tuesday, September 26, 2017

Crypto News: Crypto Mining ”More Profitable Than Drugs and Arms Trafficking” in Russia

Crypto Mining ”More Profitable Than Drugs and Arms Trafficking” in Russia

2017’s cryptocurrency boom sparked widespread graphics card shortages globally, with the most extreme shortages being witnessed in low-wage nations such as Russia – where cryptocurrency mining can offer returns that rival many mainstream careers. Following a dramatic increase in mining activities from both the public and private sector, RT, an international news organization funded by the Russian state, has conducted interviews with several miners, seeking to gain insights into Russia’s bitcoin and cryptocurrency mining industry.

RT spoke with a Siberian miner, Ilya, who describes a rising popularity of bitcoin mining that penetrates all demographics in Russian society. Ilya states that “pensioners come to their grandchildren, and give them gadgets for mining as presents. They hold competitions among their grandchildren who will earn most bitcoins! Essentially, pensioners get their grandkids hooked on mining!”

RT met with Dmitry, a 15-year-old schoolboy who has started to mine for bitcoin. Dimitry states that “mining technologies are very promising. An increasing number of people get involved in this, get new skills and improving old practices.” Despite growth in the sector, the student concedes that he has encountered skepticism regarding his activities, including from his parents. “Although I have vividly described to them the mining process and the opportunities of mining, they feel suspicious about it. That’s why I have to do this alone.”

Speaking at the recent “Digital Economy: Generation Z” quiz in Moscow, 16-year-old Yaroslav claimed to have made paper gains of over 12,000% this year through cryptocurrency investments. Yaraslov stated that he “invested 1,000 rubles ($17 USD) in February. Seven months have passed, and now I have 127,000 ($2,200 USD) in cryptocurrency equivalent.”

Full story at

Source: Bitcoin News

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