Russian crypto mining firm scrambles to meet foreign demand
Russian crypto mining giant BitRiver is rushing to build two new data centers to meet increasing demand from global crypto miners. Global cryptocurrency mining operators are increasingly moving their equipment to Russia and the Commonwealth of Independent States as they chase lower energy prices.Igor Runets, founder and CEO of Russian crypto mining firm BitRiver, told local news agency Kommersant Thursday that the company is actively building up its power capacity to meet increasing demand from American and European investors.According to the executive, BitRiver has run out of spare....
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A recent report connected the BBC Chairman, Richard Sharp, to a crypto company founded by a Russian oligarch. Sharp, a former banker, is said to have invested in cryptocurrency business using a foreign firm. The said firm was founded by one of the Russian oligarchs and was recently sanctioned due to the Russian-Ukraine war. The […]
Crypto mining operations have been witnessing some changes within the industry in terms of locations. A recent interview with the CEO of the mining giant Bitriver, revealed that Russia is becoming a preferred hotspot for crypto miners. Russian Mining Giant to Build Two Additional Facilities to Cope With the High Demand According to Igor Runets, CEO and founder of the Russian mining company Bitriver, American and European investors are moving their infrastructure from China, Africa, and Latin America to Russia. The main reason behind the shifting move is the expensive costs of electricity....
Platforms listing ads for mining hardware have been registering declining demand since Bank of Russia’s call for a ban on the minting of digital currencies among other crypto activities. While mining may eventually be legalized, miners can expect to pay higher electricity bills.
Supply Exceeds Demand on Russian Market for Mining Chips
Mining hardware is now more often offered than sought, Russian online marketplaces have noticed. The trend began after the Central Bank of Russia (CBR) published a consultation paper this month, in which the regulator proposed a blanket ban....
The firm Gazpromneft, an oil subsidiary of the Russian natural gas and global energy company Gazprom, is giving bitcoin mining operations the chance to power operations by using excess gas for electricity. The Russian firm has allowed a small mining operation to benefit from the excess gas by mining bitcoin on-site at the oil field. According to multiple reports, the Russian oil drilling subsidiary Gazpromneft is giving bitcoin miners the ability to utilize excess gas from oil drilling to mine the leading cryptocurrency. A small mining operation called Vekus was the first to leverage....