UPDATE: Ombudsman says crypto mining returns investment in 8–12 months

(Adds comment in paragraph 4)

MOSCOW, May 17 (PRIME) -- The investment return period of cryptocurrency mining amounts to between eight and 12 months, Russian Internet ombudsman Dmitry Marinichev said on Thursday.

“This payoff period is calculated on the basis of equipment, forwarding and formalization costs,” Marinichev said.

It is not easy to name the exact investment return period for mining, mainly because expenses are calculated in U.S. dollars, he said.

Investment return of such projects is so far unstable. “Three more years will pass before mining equipment starts bringing profit, when fluctuations of the bitcoin stop and the market stabilizes. It will happen in no less than three–five years,” the ombudsman said.

Mining “could be an industry …because it’s a classical element of the system’s sustainability,” Marinichev said.

End