The media disseminated an inaccurate statement about the cost of mining in the Russian Federation. Fact check ForkLog

On February 27, a number of Russian media outlets disseminated a statement by AMarkets analyst Artem Deev about the cost ofmining of cryptocurrencies in the Russian Federation. It was first published by RIA Novosti. However, as ForkLog found out, Deev’s calculations do not correspond to reality.

Deev allegedly carried out his calculations based on the production characteristics of the ASIC miner Antminer T9 from Bitmain.

«To understand what time the userIt will cost you to work as a miner; you need to start from the most popular ASIC device Antminer T9. The cost of this equipment is up to $2.5 thousand. The consumption of a specialized gadget reaches 1700 Wh», —he stated.

Nevertheless, the miner and author of the Telegram channel«News from Solyony» Sergey, in a comment to ForkLog, noted that the information about both the price and popularity of the Antminer T9 model is not true:

«Costs approximately 4500-5000 rubles used, newThey have not been produced for a long time, since the ASIC is old. Sellers sell the remains of new models for an average of 7 to 9 thousand rubles. Perhaps the author simply did not know specifically about this model, but the price of ASIC was confused tens of times…»

In one of the Telegram channels, this model is really sold at a price of up to 10 thousand rubles, and not $ 2.5 thousand (more than 165 thousand rubles at the time of writing), as Deev pointed out.

</p>

&#171;For uninterrupted operation throughout the day40.8 kW will be required. We multiply this figure by the tariff established for the region - this is the required amount per day. If several devices are installed, accordingly, this figure will increase by as much as the number of systems installed&#187;, -quotes Deev &#171;RIA Novosti&#187;.

This figure is also not entirely true. According to Minerstat, the Antminer T9 does not consume 1700 Wh, but about 1450 Wh. Accordingly, 34.8 kW will be required for its operation during the day.

</p>

&#171;Given the price of Bitcoin, the profit fromfor a number of devices per day will be a little more than 1 thousand rubles. If you subtract the cost of electricity from these funds, you get a net profit. But in general, energy costs will not exceed 10-15% of income&#187;, –Deev claims.

Representatives of the Bitfury blockchain company in a ForkLog comment noted that in order to calculate costs, it is necessary to clearly distinguish between operating and capital costs.

&#171;Electricity is part of operatingexpenses. Its costs are the most significant expense item and a key factor in the profitability of mining. They make up about 90% of operating expenses. As for the percentage of revenue, electricity can account for from 20% to 70% depending on the efficiency of the equipment&#187;,— said Alexander Perchikov, director of product development at Bitfury Group.

Sergey Soleny stressed that the income of minersdepends primarily on the device, as well as on geolocation, since the cost of electricity varies significantly not only depending on the country, but also on the region within the Russian Federation.

</p>

Data: Energovopros.ru

&#171;Summarizing the above, I came to the conclusion that the person does not understand anything at all about mining&#187;- said Sergey.

Artem Deev himself, to a question from ForkLog about how the calculations were made, answered the following:

&#171;I'm sorry. I'm afraid that I am incompetent in this matter.

Recall, Citigroup analysts said that by 2022, bitcoin mining will be profitable only at a price of $ 300 thousand.