The crypto mining business has witnessed some changes in the industry in terms of location. The CEO of mining giant Bitriver revealed in a recent interview that Russia is becoming the hotspot of choice for crypto miners.
Russian mining giant will build two additional facilities to cope with high demand
Igor Runets, CEO and founder of Russian mining company Bitriver, said investors in the United States and Europe are moving their infrastructure from China, Africa and Latin America to Russia. The main reason for this move is the high electricity bills in these areas.
In other words, in the Bitcoin (BTC) bull market seen in the past few months, most cryptocurrency miners want to cut costs. The CEO of Bitriver told Kommersant that its current capacity as a mining company is the highest. Runets said the company hopes to “reach 1 gigawatt (GW) in the next 18 months.”
Such expectations encourage Bitriver to increase capacity by building two new crypto mining facilities in Krasnoyarsk, with a total power of 80 MW.
On the other hand, the company seeks to build another mining infrastructure with a capacity of 300 MW in the Republic of Buryatia in the Siberian region.
However, the initial capacity of its first phase will be 100 MW. According to the CEO, the deadline set by Bitriver is before the end of this summer.
Increase in wholesale Chinese crypto miners customers
Other domestic mining companies have also seen several applications of crypto mining hosting. Bitcluster co-founder Sergey Arestov (Sergey Arestov) emphasized that a large number of Chinese wholesale customer orders continue to pour into the company.
He predicted that starting from the fall of 2021, there may be “strong demand growth” in demand, because expectations for BTC prices are still very optimistic.
This trend of large orders has led Bitcluster to make plans to expand capacity by adding 60 MW at any time in 2021.
How do you see this trend in global cryptocurrency mining? Let us know in the comments section below.
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