Bitriver : The Most Significant Bitcoin Mine of Russia Changes Water into Cash
Bitriver – The company took control of a post-Soviet aluminum factory and converted it into a Bitcoin mining farm. Previously, the aluminum factory helped to improve the city of Brastsk and made it one of the largest data centers in the post-Soviet era. Russian residents are very interested in the field of cryptocurrencies, so Russia is a country supporting this field. Russia contributes to Bitcoin mining companies as well as developers. According to Bloomberg on November 24.
BitRiver itself is not a mining group; it supports other mining groups by providing them with cheap electricity. The plant receives large-scale mining conditions because it gets nearly 100 megawatts of electricity a year from En +. Bitriver has won customers from around the world, including the United States, Japan and China, though it was launched just a year ago. Most of them mine Bitcoin.
The company rents a building near the Bratsk aluminum factory. Because energy was the highest cost in aluminum smelting, the world’s largest aluminum smelter was built by the Soviet Union in the 1960s with a nearby hydroelectric plant.
Apart from its energy supply, the Siberian climate with a long and cold winter makes Bratsk an ideal place for cryptocurrencies. Low temperatures are suitable for data center devices.
About five years ago, the group of Billionaire Oleg Deripaska Lau came up with the idea of building a data center in Bratsk. The owners of Bratsk hydroelectric and aluminum plants are En + Group Plc and United Co. Rusal.
Bitriver only provides equipment at data centers and technical services without participating in mining. This means their business is legal even though Russian law does not recognize cryptocurrency mining.
The Bratskaya hydropower plant on the Angara river
Before Deripaska reached an agreement with the US Treasury to curtail his control, his companies spent nearly 10 months under sanctions. In January, the penalties were canceled. Cryptocurrency mining companies get into trouble because of continuous sanctions on En +.
En + supplies up to 100 megawatts of energy for Bitriver every year. One key to mining cryptocurrencies is a cheap and stable source of electricity. En + and Bitriver also have a joint venture that provides computer racks for cryptocurrency mining tools.
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