Russian Miners Increasingly Pawn Graphics Cards for Loans

The Federal Notary Chamber of Russia has reported a 13% increase in notifications of pawned graphics cards used for cryptocurrency mining over the past year. Currently, more than 1,600 such notifications are registered in the notary registry, highlighting the growing financial pressure on miners in the country. Over the past five years, the number of pawned graphics cards has doubled, underscoring the rising popularity of crypto mining and its risks for market participants.

Many Russian banks have begun actively issuing loans secured by graphics cards, as these devices are considered liquid assets. However, as the number of pawned graphics cards increases, concerns grow about the future of mining amid increasing competition and market instability.