Latest PostMarketMarket NewsNews

Largest Russian Crypto Mining Provider Expands Facilities

  • According to BitRiver CEO, most crypto miners are looking to cut costs amid the bitcoin (BTC) rally.
  • BitRiver’s CEO also said that Russia is one of the preferred hotspots for crypto miners.
  • Bitriver adds new crypto mining facilities in Krasnoyarsk and Buryatia.

According to the CEO and founder of the Russian mining company BitRiver, Igor Runets, European and American investors moved their infrastructure from China, Africa, and Latin America to Russia.

The high costs of electricity in such regions are the main reason behind the shifting move. Besides, most crypto miners are looking to cut expenses amid the Bitcoin bull run seen over the last few months.

The largest Russian crypto mining provider’s CEO highlighted that its current capacity as a crypto mining firm is at the top. Runets particularly said,

The company is hoping to reach 1 gigawatt (GW) in the next 18 months.

Such expectations encourage BitRiver to extend its capacity in two new crypto mining facilities in Krasnoyarsk with 80 MW. The firm also asks to place another mining infrastructure with 300 MW capacity in Buryatia, within the Siberian region. However, its first staging will have an initial capacity of 100 MW. The deadline set by BitRiver is by the end of summer of this year, per the CEO.

Also, other domestic mining firms are noticing several applications for crypto mining hosting. Sergey Arestov, the co-founder of Bitcluster, highlighted that many wholesale Chinese client orders keep coming to the company. He determines that the demand could witness a substantial rise starting the fall of 2021. This is in line with the expectations for the Bitcoin price that are still very bullish. Moreover, this trend made Bitcluster set a proposal to expand their ability by adding 60 MW at any point this year.

On the other hand, another example of crypto mining initiative is the Mining City that uses a “mining plan” structure to allow its users to obtain the hash power needed for mining.

Calev Ford

A Computer Engineering graduate who writes news focuses on cryptocurrency-related and blockchain technology. He is enjoying using his skills to contribute to informing people of the exciting technological advances that happen every day.

Related Articles

Back to top button