+7 925 966 4690, 9am6pm (GMT+3), Monday – Friday
ИД «Финансы и кредит»






Digest Finance

Studying the profitability of the mining farm's operations

Vol. 26, Iss. 1, MARCH 2021

PDF  Article PDF Version

Received: 19 February 2019

Received in revised form: 28 March 2019

Accepted: 26 April 2019

Available online: 30 March 2021


JEL Classification: D53, G32, O16, P34

Pages: 44–52


Georgii G. VINOGOROV Belarus State Economic University, Minsk, Republic of Belarus


Subject. The article examines the profitability of the mining farm.
Objectives. I determine what aspects the mining farm’s profitability should be analyzed, and articulate my own technique for analyzing, untapping the room for the profitability growth on the analyzable mining farm.
Methods. To make my suggestions reasonable, reliable and substantiate them, I use the comprehensive approach to studying the profitability of the mining farm, general and special methods of research, such as the retrospective, systems and functional-structural analysis, observation, classification, instrumental techniques for grouping, sampling, comparison and generalization, factor analysis.
Results. The study is the first to present the structural-logic model of the factor system of profitability of the mining farm. I assessed factors that influenced the profitability, found bottle necks and aspects to focus on in order to improve the performance of the mining farm.
Conclusions and Relevance. Business entities that are residents at the Belarus Part of High Technology and have mining farms can use the proposed technique, which are of applied nature.

Keywords: cryptocurrency, mining, profitability, mining farm


  1. Butenko E.D., Isakhaev N.R. [Electronic money and cryptocurrencies: Contradictions and traps]. Natsional'nye interesy: prioritety i bezopasnost' = National Interests: Priorities and Security, 2018, vol. 14, iss. 6, pp. 1092–1108. (In Russ.) URL: Link
  2. Kuznetsova L.G. [P2P cryptocurrency: Security or development]. Finansy i kredit = Finance and Credit, 2017, vol. 23, iss. 47, pp. 2810–2822. (In Russ.) URL: Link
  3. Levi D.A. [Prospects of Recognition and Development of Cryptocurrencies in the European Union and the Countries of Europe]. Upravlencheskoe konsul'tirovanie = Administrative Consulting, 2016, no. 9, pp. 148–158. URL: Link (In Russ.)
  4. Nikolaichuk O.A. [Electronic currency in the light of modern legal and economic challenges]. Journal of Economic Regulation, 2017, vol. 8, no. 1, pp. 142–154. URL: Link (In Russ.)
  5. Omel'chenko E.Yu. [A conflict of interests when using crypto-currency: The realities of modernity, accounting and control]. Transportnoe delo Rossii = Transport Business in Russia, 2017, no. 2, pp. 70–72. URL: Link (In Russ.)
  6. Rasheva N.Yu., Chirkova O.I. [Theoretical and legal foundations of e-currency (Bitcoin on the example)]. Upravlenie v sovremennykh sistemakh, 2017, no. 1, pp. 60–68. (In Russ.) URL: Link
  7. Stepanova D.I., Nikolaeva T.E., Ivolgina N.V. [Specifics of organization and development of cryptocurrency payment systems]. Finansy i kredit = Finance and Credit, 2016, no. 10, pp. 33–45. URL: Link (In Russ.)
  8. Fetisov V.D., Fetisova T.V. [Issues of Bitcoin use and economic security]. Natsional'nye interesy: prioritety i bezopasnost' = National Interests: Priorities and Security, 2018, vol. 14, iss. 3, pp. 452–464. (In Russ.) URL: Link
  9. Shcherbik E.E. [The phenomenon of cryptocurrency: System description experience]. Kontsept, 2017, no. S1. (In Russ.) URL: Link
  10. Bouoiyour J., Selmi R. Bitcoin price: Is it really that new round of volatility can be on way? MPRA Paper, 2015, no. 65580. URL: Link
  11. Kucherov I.I., Khavanova I.A. [Tax Consequences of Using Alternative Means of Payment (Theoretical and Legal Aspects)]. Vestnik Permskogo universiteta. Yuridicheskie nauki = Perm University Herald. Juridical Sciences, 2017, no. 35, pp. 66–72. URL: Link (In Russ.)
  12. Kudryashova E.V. [Cryptocurrency within the legal framework]. Finansy i kredit = Finance and Credit, 2018, vol. 24, iss. 10, pp. 2175–2183. (In Russ.) URL: Link
  13. White L.H. The market for Cryptocurrencies. Cato Journal, 2015, vol. 35, iss. 2, pp. 383–402. URL: Link
  14. Yermack D. Is a Bitcoin a Real Currency? An Economic Appraisal. NBER Working Paper, 2013, no. 19747. URL: Link
  15. Batoev V.B., Semenchuk V.V. [How to Overcome Problems in Combating Criminal Use of Virtual Cryptoсurrencies]. Trudy Akademii upravleniya MVD Rossii = Proceedings of Management Academy of the Ministry of the Interior of Russia, 2017, no. 2, pp. 9–15. URL: Link (In Russ.)
  16. Kuznetsov V.A., Yakubov A.V. [On Approaches to International Regulation of Cryptocurrencies (Bitcoin) in Certain Foreign Jurisdictions]. Den'gi i kredit = Russian Journal of Money and Finance, 2016, no. 3, pp. 20–29. URL: Link (In Russ.)
  17. Sal'nikov E.V., Sal'nikova I.N. [The cryptocurrency as an innovation of the economy of terror]. Naukovedenie, 2016, vol. 8, no. 3. (In Russ.) URL: Link
  18. Swan M. Blokchein. Skhema novoi ekonomiki [Blockchain: Blueprint for a New Economy]. Moscow, Olimp-Biznes Publ., 2017, 240 p.

View all articles of issue


ISSN 2311-9438 (Online)
ISSN 2073-8005 (Print)

Journal current issue

Vol. 29, Iss. 1
March 2024