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 in such regions.
That said, most crypto miners are looking to cut costs amid the bitcoin (BTC) bull-run seen over the last few months. Bitriver CEO told Kommersant that its existing capacity as a mining company is at the top. Runets said the company is hoping to reach 1 gigawatt (GW) “in the next 18 months.”
Such expectations encourage Bitriver to increase its capacity by building