The number of individuals getting involved in Cryptocurrency mining is skyrocketing in Russia.

Per business organization the Russian Association of Cryptocurrencies and Blockchain, the amount of recent organizations created to mine Bitcoin and altcoins within the country has increased by 15 % since the beginning of this year, with 75,000 organizations and 350,000 individuals within the country with population of 144 million currently involved in the mining business.

However, profit has nosedived within the same period. News outlet Segodnya quotes economic expert and Bitcoin capitalist Tuur Demeester as stating that Russian mining profits could have declined by a whopping 90th in the first half of 2018, due in no small part to increasing competition within the country.

Yet declining profit seems to be doing very little to dampen the enthusiasm several Russians currently have for cryptocurrency mining. RusCable reports that an energy supplier in Vologda Oblast, within the north of the country, recently discovered a cryptocurrency mine in operation in a 47sqm flat within the town of Cherepovets.

The supplier, Vologdaenergo, says the flat was abandoned, however had been full of mining hardware, using up some USD 360 value of electricity a month. Electricity costs within the region are among rock bottom in the world: 1 kilowatt hour of electricity in Vologda Oblast generally prices between USD 0.03 and USD 0.06.

As reported , not solely in Russia bitcoin miners have seen their profitableness plummet as lately, whereas some miners had to unload their coins to cover a number of their losses.

Also, with cryptocurrency mining consuming an ever-increasing quantity of energy worldwide, some politicians are beginning a push for higher electricity rates for miners, arguing that their activities provide “no utility for society.”

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