Sberbank Apologizes for Buying Nearly All Graphics Cards on the Russian Market

Russia has been suffering from a shortage of graphics cards that can be used to mine cryptocurrencies, causing their prices to almost double. However, it was not ordinary households that purchased most of these cards. State-owned Sberbank has come forward, admitted to buying them, and apologized for causing the shortage.

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Sberbank Apologized for Buying Up Graphics Cards

Sberbank Apologizes for Buying Nearly All Graphics Cards on the Russian MarketSberbank, the largest bank in Russia and third largest in Europe, is majority-owned by the Russian government. According to senior vice president, Alexander Vedyakhin, the bank’s research lab was behind the dry spell. Ria Novosti reported on Saturday:

The reason for the deficit in the video card market was Sberbank, buying up video cards for its laboratory of artificial intelligence.

Sberbank Apologizes for Buying Nearly All Graphics Cards on the Russian Market
Alexander Vedyakhin.

“We invest very much in technology, and we should, incidentally, apologize for that shortage in the video card market, which occurred recently, because we bought them for the laboratory of artificial intelligence,” Vedyakhin said at the Sberbank international conference on data analysis, machine learning and artificial intelligence. However, he indicated that soon the shortage will be over “because we [have] satisfied our need.”

Is Sberbank Mining Cryptocurrency?

Sberbank Apologizes for Buying Nearly All Graphics Cards on the Russian Market
Stanislav Kuznetsov.

While Sberbank has said that it is “not Read More Here