BBC reports on "Bitcoin Babushkas" - Russian grandmothers mining BTC

29 Dec, 2018 | Updated: 29 Dec, 2018
by David Robb
News
BBC reports on Bitcoin Babushkas - Russian grandmothers mining BTC

In a recent report by the BBC, a new growing demographic has been identified for Bitcoin mining. Older women in Russia are increasingly getting involved with the practice. 

Referred to as "Bitcoin Babushkas" due to the word commonly used for grandmothers (or women who are old enough to have grandchildren), many of these older Russian crypto miners are located in Irkutsk in Eastern Siberia. This is known as the "crypto capital" of Russia.

Local entrepreneur Yuri Dromashko claims that the simplicity of Bitcoin mining is appealing to members of the community, who may not be particularly tech-savvy, but have the equipment and spare time required to set up a rig. 

After decades of economic insecurity and subsequently low pensions in the area, BTC mining is seen as new, easy way for older members of the community to top up ther income. Many sold off their equipment due to the bear market, but some are hanging on. They hope that BTC will eventually bounce back, meaning that they will leave a significant inheritance to the younger generations when Bitcoin is "worth a million".

Read more: Russia likely to introduce national digital currency by 20212018: A crypto year in review

Add a comment

Check out the latest news

You will be logged out and redirected to the homepage