There is no such thing as a cryptocurrency bubble in Russia.
We’ve all heard about South Korean’s passion when it comes to cryptocurrencies. Not even its elderly are immune to the fever as investors over 60 years of age actually maintain the biggest crypto holdings compared to other age brackets.
However, it turns out that in terms of passion toward these digital coins, their Russian counterparts are actually not that far behind. Reports have now surfaced revealing that 12 percent of Russian crypto users consider cryptocurrency as their main source of income. Elsewhere in the country, authorities shut down a mining farm but only because its owners did not pay the millions of kilowatt-hours of electricity it consumed. And shockingly, only the tiniest minority of Russian investors even worry that cryptocurrency might be a bubble.
Only 1 Percent Think That There Could Be A Crypto Bubble
A recent on Russian owners of these digital coins reveals a rather surprising trend – 28 percent of the respondents reveal that they actively trade in cryptocurrencies. More surprising still is that an astounding 12 percent of the group actually admitted that cryptocurrency trading is their main source of income.
In addition, a substantial portion of the respondents actually practices diversification of their portfolios. The survey revealed that 40 percent of Russian crypto holders maintain more than one type of coin in their portfolios.
However, the percentage of Russian holders who would rather keep their coins instead of trading them outnumbers the traders. Forty percent of the group reveals that they don’t plan on selling their digital assets in the near future. This group views cryptocurrencies as long-term investments that whose value can only be truly unlocked if one is prepared for the long haul.
Apparently, crypto mining is on the decline in Russia. Only 14 percent of the country’s crypto holders actively engage in mining. Meanwhile, 11 percent prefer to do it via the cloud.
But we’re saving the most surprising Russian cryptocurrency trend for last. While the rest of the world is rife with talks about a crypto bubble, the same is not true in the land of vodka lovers. The survey reveals that, shockingly, only one percent worry that cryptocurrency might be a bubble that could burst. This just shows just how confident the Russians are in the crypto industry.
Miners Who Just Won’t Pay The Bills
Just because the survey says that only 14 percent of Russian cryptocurrency holders are actively into mining does not mean that they slack in their mining activities. In fact, some miners are so committed to their mining activities that they are even facing jail time for not paying their skyrocketing electric bill.
A crypto farm located in the Russian city of Orenburg had to be down due to unpaid electricity bill, according to a Coin Telegraph report. The mining facility, dubbed as one of the largest in Russia and even Europe, has 6,000 devices used for mining purposes.
Apparently, owners of the mining operation did not plan on paying the electricity consumed during the operation, to begin with. Authorities were only alerted when the local power distribution firm noticed substantial power losses in the area, which was then traced to an abandoned factory. By the time the illegal power tapping was discovered, several million kilowatt-hours of power has already been used by the mining farm.
Given the current depressed crypto prices, it appears farm owners eventually decided to cut cost by stealing electricity from the power company.