‘I Want Money, and I Want Lots of It’ – Russian Bitcoin Mining Granny Is Bullish on the Industry’s Future
A residential block of reddish bricks extends unambitiously under the freezing skies of Irkutsk, in the Russian province of Siberia. Inside, a series of small bitcoin mining machines are operating on cheap electricity, as grandma Valeriya’s family of domestic miners, a bullish bunch, pile up a potential fortune for the future.
The granny, just identified as Valeriya, hasn’t looked back since getting a mining rig from her son, Yuri, as a gift. “When BTC will be well worth a thousand [dollars], then I shall leave a very large inheritance to my grandma,” Valeriya told the BBC in a recent interview.
The bespectacled old woman has not been fazed by what she considers a temporary slump in the cryptocurrency market, a recession that has compelled some big business bitcoin mining companies to cut back on production. “I want some money that I’ve earned myself. And I need a lot of it,” explained Valeriya, together with all the infectious laugh of a very soul.
Siberian bitcoin miners, locally called babushaks, are extremely bullish about the future of mining despite existing marketplace headwinds, which have observed BTC plunge greater than 80 percent from the all-time-high of nearly $20,000 in December. Coupled with all the price decrease, bitcoin mining is getting less profitable as a result of the system’s increasing hashrate.
The cooler temperatures help to lessen the demand for cooling systems for your mining hardware. Enterprising babushaks eye long-term profits and use the heat emitted from the mining equipment to dry their agricultural produce.
He operates the mining farm with his family in a town he asserts to be the”crypto-capital of Russia.” Yuri explained:
For this business you don’t need to be a great specialist because it’s an easy system. You only put your computers in the electricity and the internet.
While the tiny miners are unfazed by the crypto downturn of 2018, a few big business bitcoin surgeries have climbed down. The business also announced it is moving its mining center to a region with cleaner and less costly energy.
“Concerning the present mining system markets, the environment is competitive due to the diminished demand mainly because of the decrease at the cryptocurrency price, the decrease in the sales price, respectively,” GMO’s announcement read. Other medium-sized miners in China were forced to market their mining replacements as scrap, to curtail additional losses.
In Siberia, bitcoin fans are normally great apostles of their tech. Marina Sergeyevna, whose bitcoin mining straddles the worlds of agriculture and finance, has a buddy to thank. She explained her encounter with BTC:
A friend suggested it. He said: ‘Marina Sergeyevna, buy some miners!’ And I thought ‘Okay.’ He helped me buy it and install it all. I don’t regret it. They made the money back quickly – in around eight to nine months.
“There they are, the more boxes which make sound and earn the money,” she said, proudly pointing to the 3 mining machines lined up into her property. In chilly Siberia, the heat emitted by the machines couldn’t be welcome. “Each of the warm atmosphere is ideal for burning off pumpkin, herbs and tea. It dries very fast. In only 1 afternoon,” Marina said, holding a tray of yellowish leaves.