A Scrambled Crypto-Mining Firm from Russia Tries to Meet International Demand

Ethereum

In recent days, Russia has now become the center of attention for many cryptocurrency mining firms from the entire world. It has been observed that many international firms known for mining cryptocurrencies on a large scale are moving to Russia. There are many firms that are currently in the process of moving their equipment over to Russia.

In addition to Russia, the cryptocurrency mining firms from around the world are also moving to the Commonwealth of Independent States. The main reason for moving to such areas is because of the low cost of energy in these particular regions.

The founder and CEO BitRiver, a cryptocurrency mining firm in Russia, Igor Runets, also talked about the surge in influx from foreign miners. Runets shared his views of the recent migration of foreign miners to the local news agency “Kommersant” on February 18, 2021.

He stated with more and more miners moving into Russia for the purpose of crypto-mining, energy is now becoming the key factor. Runets stated that in recent months, the energy demand has increased significantly. The main factor is that they have started catering to many investors from the European and American continents.

The executive stated that due to the high influx in demand and requirements, they are currently facing a difficult time. He stated that although the company is trying its best to meet the energy requirements by increasing its capacity, yet it is falling behind due to high demand.

As of now, the company has currently run out of spare/additional capacity that it had saved for the upcoming months. The CEO revealed that surprisingly, BitRiver’s entire energy power reserves have been occupied for the next 18 months.

Therefore, the company is now trying to co-locate more data-centers that can produce the same amount of energy. With that, the company will be providing a power generation of 1GWh for the mining activities to continue.

As of now, BitRiver is the largest cryptocurrency mining facility in Russia and is known for running the largest Bitcoin (BTC) mining colocation services. Currently, the company has its data-mining centers in the CIS region and Russia.

The company is reportedly building two new crypto-data mining centers in Russia. BitRiver will be launching its first new facility in the Republic of Buryatia that will be producing 300 MWh. The other data-center will be launched in Krasnoyarsk that will be producing 80 MWh.

The company has announced that it is also trying to deploy another 100 MWh that is expected to finish by the fall of 2021. However, with the deployment of 100 MWh, it will only be able to meet half the demand that is currently facing itself with.

According to the figures, the main demand for BTC is currently coming in from Europe and America.