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 capacity at its data centers, having fully reserved all of its power for the next 18 months. During this period, the company expects to co-locate mining equipment of total mining power estimated at 1 GWh.
BitRiver, which operates the largest colocation services for Bitcoin (BTC) mining in Russia and the CIS region, is now building two new data centers in Russia, including an 80 MWh facility in Krasnoyarsk and a 300 MWh center in the Republic of Buryatia. The company expects to deploy 100 MWh by fall 2021, meeting only