A new report by Kommersant revealed that sales of Bitcoin mining machines in the country surged rapidly in the fourth quarter, a trend backed by a resurgence of demand, despite the chaotic price action of the crypto-asset.

The substantial increase was also spurred by cheap equipment and electricity prices.

• Chilkoot, which happens to be one of the official distributors of crypto mining rigs in Russia, witnessed more sales during the first two months of Q4 compared to the entire Q3.
• During the first nine months alone, the company’s sales were recorded to be 65% higher than last year.
• As per Chilkoot’s data, mining prices fell by almost 20% during August and October. The prices, however, remained the same over the past month.
• The mining hardware reseller also noticed that their equipment purchases in one transaction increased by 30% compared to the beginning of the year.
• BitRiver financial analyst Vladislav Antonov believes the price of ASIC mining rigs being close to the cost of production provides a good entry point for investment.
• Despite a fairly confident start, Bitcoin’s price is currently hovering near two-year lows with a minor drop in hash rate figures which remained around 240 million Th/s.
• But Russian revenues from the minting of the crypto-asset saw a multifold increase in recent times.
• This was also observed by Didar Bekbauov, the Co-founder of Xive, who said,

“Hashrate growth came from Russia. Cheap electricity for households and…