The Russian bank Sberbank apologizes for monopolizing almost all the graphics cards specialized in mining available in the market

Russia suffers from a shortage of graphics cards specialized in cryptocurrency mining, which causes its prices to almost double. However, it was not ordinary households that bought most of these cards. The state bank Sberbank went ahead with the news and admitted buying them and apologized for causing the shortage.

Sberbank, the largest bank in Russia and the third largest in Europe, is majority-owned by the Russian government. According to the first vice president, Alexander Vedyakhin, the bank’s research laboratory was behind this period of drought. As reported by Ria Novosti this Saturday:

“We invest a lot in technology, and we should, in passing, apologize for that shortage in the video card market, which happened recently, because we bought them for the artificial intelligence laboratory,” Vedyakhin said at Sberbank’s international conference on analysis. of data. , machine learning and artificial intelligence. However, he indicated that the shortage will soon be over “since we have satisfied our need”.

Is Sberbank mining cryptocurrencies?

While Sberbank has said it is “not yet ready” to implement the cryptocurrencies in its operations, the bank admitted to studying the cryptocurrencies in detail, according to Stanislav Kuznetsov, vice president of the executive board of Sberbank.

“Sberbank does not intend to use cryptocurrency in business yet, but we are studying it to protect ourselves from scammers,” Tass reported and quoted Kuznetsov last month at the World Festival of Youth and Students in Sochi:

“We are not afraid of cryptocurrencies, but to defend ourselves, we must understand in detail how scammers operate, we must study each step … we are studying this topic in depth, but unfortunately, there are still no protocols on how to proceed, and still not we are ready to use cryptocurrencies “

Shortage of graphics cards in Russia

China’s online trading platform Aliexpress, reported in June that there was an increase in demand for video cards in Russia for cryptocurrency mining. “Aliexpress registered an increase in interest in video cards in order to use them to generate cryptocurrencies,” the publication emphasized, adding that:

“users started looking more specifically for specific video card models that are more suitable for creating mining farms (GeForce GTX1060, GTX1070 and Radeon RX480), and the number of bitcoin miners requests increased 150% in one month”

Before the confession of Sberbank, RT reported that “the recent increase in the value of bitcoin has caused a jump in the demand for video cards, which are used in cryptocurrency mining”. In addition, “people buy up to 600 video cards at a time.” the publication points out, noting that this has caused “a price increase of almost 80 percent since the spring.”

According to Vedomosti, the increase in demand has caused the price of graphics cards to increase “an average of about twice, for example, a device that cost 16,000-18,000 rubles in the spring now costs more than 30,000.”

Is it possible that a state bank is mining cryptocurrencies? it would not be strange, given the rise of cryptocurrencies in Russia and of initiatives related to mining because of the energy surplus enjoyed by the Russian nation. In this regard, it should be noted that Russia has recently received more than 40 petitions from foreign entrepreneurs to set up mining farms in Russia. According to the Russian energy minister:

“With the 100 GW energy surplus that exceeds the capabilities of Russian companies, the Russian economy could attract around 1.7 trillion rubles (28 trillion dollars) a year.”

Enric Martí

Enric Martí

Economy fan, hangued, hooked on crytocurrencies and junkie of audiovisual stuff...on rehab