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Mystery Entity Just Set up 20K Bitcoin Miners in Siberia: Report
A shipment of devices said to be worth up to $60 million was set up in the city of Bratsk and set to mining bitcoin.
Twenty thousand cryptocurrency mining machines have been imported to Russia by an unnamed entity for a major new operation, according to a prominent industry firm.
STORY CONTINUES BELOW
- In December, mining devices with a total capacity of 70 megawatts and valued at $40 million–$60 million were imported and set immediately to mining bitcoin, according to a Kommersant report Wednesday citing BitRiver, the owner of the largest mining venue in Russia.
- BitRiver CEO Igor Runets said the equipment was shipped from Asia to its own data center facility in the industrial city of Bratsk, Siberia, and is now one of the largest operations in the nation.
- Runets did not disclose the names of the buyer or seller involved in the transaction, or the type of equipment imported.
- According to data from the Cambridge Centre for Alternative Finance, Russia currently accounts for 6.9% of global crypto mining capacity, putting it in third place behind the U.S. (7.24%) and China (65.08%).
- The new Russia operation was set up just as bitcoin was moving to new highs above $20,000 in December. At press time, the cryptocurrency is trading around $46,550, having rallied strongly in the weeks since.
Read more: Russian Oil Drilling Giant Opens a Crypto Mining Farm Run on Gas Energy
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
