Mining Profitability Is Down, But Crypto Mining In Russia Is On The Up

“The number of crypto mining companies has increased by 15% in H1 2018 to a total of 75,000, according to the Russian Association of Cryptocurrencies and Blockchain (RACIB). The mining industry already employs 350,000 people. As of July 2018, Russia accounts for about 6% of the world’s mining market, which is 1% more than a year ago, while the US and Canada hold the leading positions. At the same time, RACIB claims the number of Russians owning cryptocurrency has increased in 2018 from 2.5 to 3 million.”

“Earlier, RACIB announced that 70,000 Russians are employed in the crypto sector, a figure that could exclude those hired by the mining companies, the online publication continues. Moreover, according to Russian crypto media, the average salary in the industry has fallen by 40% from the 2017 record levels but, nevertheless, it remains relatively high for Russian standards, 10 times higher than the country’s average for certain professionals.”