Russia has reportedly imported thousands of cryptocurrency miners amid a massive boom in the cryptocurrency market.
As the Russian news agency Kommersant reported on February 10, a top executive of BitRiver, Russia’s largest provider of mass services, said the local customer had received more than 20,000 encrypted miners.
BitRiver founder and CEO Igor Runets said the total capacity of the imported equipment is 70 MWh, which is estimated to be the largest group of miners in Russia. Runets said the units were delivered in December 2020 and immediately set up to extract Bitcoin (BTC) in Bratsk, a city in Russia that houses one of the largest hydropower plants in the country.
Runtes noted that the mining rigs were imported from Asia. A spokesman for BitRiver told Cointelegraph that the company could not provide the name of the Russian customer or the exact country to which the devices were exported. The representative added that a data center for mining has been set up on the BitRiver platform.
BitRiver did not disclose the exact type of imported cryptocurrency miners. According to Kommersant, the price of the imported shipment ranged from $ 40 to $ 60 million.
Although Russia passed the On Digital Financial Assets cryptocurrency law in January 2021, there is some uncertainty about cryptocurrency operations in the country, as the law does not provide clear regulations for the industry. In September 2020, local authorities even proposed banning Russian cryptocurrency miners from receiving payment for cryptocurrency operations.