Economic Analysis: Theory and Practice

Abstracting and Indexing

Referativny Zhurnal VINITI RAS
Google Scholar

Online available



Cyberleninka (12 month OA embargo)

Analyzing the profitability of mining farm operation

Vol. 18, Iss. 7, JULY 2019

Received: 19 February 2019

Received in revised form: 28 March 2019

Accepted: 26 April 2019

Available online: 30 July 2019


JEL Classification: D53, G32, O16, P34

Pages: 1322–1331

Vinogorov G.G. Belarusian State Economic University (BSEU), Minsk, Republic of Belarus

Subject The article analyzes the profitability of mining farm operation.
Objectives The purpose of the study is to determine the directions of profitability analysis of mining farms, develop a unique analysis procedure, and identify reserves to increase the profitability of the mining farm under consideration.
Methods To provide valid, reliable and reasoned recommendations, I apply integrated approach to the analysis of mining farm profitability. The study employs general and special scientific methods, like retrospective, systems and functional-structural analysis, observation, classification, instrumental techniques of grouping, sampling, comparison, generalization, and factor analysis.
Results There is a need to assess the efficiency of mining farm operation through the profitability ratio. I developed a structural and logical model of the factor system of profitability of the mining farm, calculated factors that influenced changes in profitability. I also identified bottlenecks and areas of improving the efficiency of the mining farm under consideration.
Conclusions The presented methodology is practical in nature. It may be useful for business entities registered as residents in the Belarusian High Technology Park and owning a mining farm.

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 2311-8725 (Online)
ISSN 2073-039X (Print)

Journal current issue

Vol. 18, Iss. 11
November 2019