Russia’s Largest Crypto Mining Firm Hit as BitRiver CEO Faces Tax Evasion All...

In an attempt to deny Russia opportunities to evade sanctions through cryptocurrencies, the U.S. Department of the Treasury has sanctioned leading Russian mining firm Bitriver. The move comes amid concerns that Moscow may use the minting of digital coins to monetize its energy resources. Zug-Based Bitriver and Its Russian Subsidiaries Blacklisted by United States The U.S. Treasury Department has for the first time taken action against Russian crypto miners that could ostensibly facilitate Moscow’s efforts to circumvent international restrictions imposed over the war in Ukraine. On....

Igor Runets, the entrepreneur behind one of Russia’s biggest Bitcoin farms, was taken into custody Friday as tax investigators moved in on his company. The move shocked many in the mining world because BitRiver runs huge data halls in Siberia and has been a visible player since the early 2020s. Related Reading: With Bitcoin Below […]

"The United States is committed to ensuring that no asset, no matter how complex, becomes a mechanism for the Putin regime to offset the impact of sanctions,” said Treasury. The United States Treasury Department has added Russia-based crypto mining services provider BitRiver and several subsidiaries as firms facilitating the evasion of sanctions. In a Wednesday announcement, the Treasury Department’s Office of Foreign Assets Control, or OFAC, said it was taking action against BitRiver AG as well as 10 of its Russia-based subsidiaries, naming the companies as ‘Specially Designated....

BitRiver utilizes only surplus hydroelectric power to operate its data centers in Russia and CIS countries. The9, a Chinese internet company listed on the Nasdaq, is moving forward with its cryptocurrency mining plans by signing a contract with a major Russian data center operator.The company announced Monday that it has signed a crypto mining hosting agreement with Russian crypto mining services provider BitRiver through its fully-owned subsidiary NBTC.As part of the agreement, BitRiver will reserve 15 megawatts (MW) of its electric capacity for The9's Bitcoin (BTC) mining machine....

Russia’s Bitriver, one of the largest operators of crypto mining data centers, may take legal action against the U.S. over the decision to place it under sanctions. The company insists it does not help the Russian government to circumvent international restrictions. Bitriver Rejects US Accusations as Unfounded, Sees No Legal Ground for Sanctions Leading Russian mining enterprise Bitriver is considering filing a lawsuit against the U.S. Treasury Department, which recently designated the Swiss-registered company and a number of affiliated entities in a new round of sanctions against....