Skip to main content

Russian Crypto Mining Companies Are Expanding Capacity as the Country Becomes a ‘Preferred Hotspot’

Russian Crypto Mining Companies Are Expanding Their Capacity as the Country Becomes a 'Preferred Hotspot' for Foreign Miners

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 two new crypto mining facilities in Krasnoyarsk with 80 megawatts (MW) in total.

On the other hand, the firm seeks to establish another mining infrastructure in Buryatia in the Siberian region, with 300 MW of capacity.

However, its first stage will have an initial capacity of 100 MW. Per the CEO, the deadline set by Bitriver is by the end of summer of this year.

Increase in Wholesale Chinese Crypto Miners Customers

Other domestic mining companies are seeing several applications for crypto mining hosting. Sergey Arestov, the co-founder of Bitcluster, highlighted that a significant number of wholesale Chinese customer orders keep coming to the company.

He forecasts that the demand could witness “a strong increase in demand” starting in the fall of 2021, as the expectations for the BTC prices are still very bullish.

This trend on a large batch of orders made Bitcluster set a plan to expand their capacity by adding 60 MW at any point of 2021.

What do you think about this trend seen in crypto mining globally? Let us know in the comments section below.



from Bitcoin News https://ift.tt/3pDxiET
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m
10 comments
Read more

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli
Post a Comment
Read more