The Business Of Bitcoin Mining (& Why It’s So Difficult)
A study of the CEX.IO crypto exchange showed that in the first half of 2020, cryptocurrency trading has significantly strengthened its position among Russians.
According to the company’s analysts, in the first half of the year, the amount of monthly deposits and the turnover for all currency pairs of users from Russia increased almost 5 times compared to January indicators. Moreover, the peak fell in March, the period of the beginning of the pandemic.
The exchange notes an increase in the share of the ruble in total turnover and an increase in the popularity of operations with bitcoin. Over the past 2 years, the share of customers who made at least one transaction with BTC increased from 50% to 83%.
Growth in the trade turnover of users from Russia by months as a percentage compared to January 2020
CEX.IO CTO Dmitry Volkov explains the rise interest in the crypto market economic shocks encouraging people to use digital assets as an alternative to traditional financial systems. Such investments allow not only to diversify your portfolio, but also to receive a significant return in a relatively short time..
Among other important factors in the growing popularity of digital currencies and trading in Russia, analysts note the availability of acquiring services, bank transfers and electronic payments, as well as support in Russian and convenient KYC verification..
text: Ivan Malichenko, photo: Shutterstock, graphic: CEX.IO