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

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

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought
Post a Comment
Read more