A Russian company uses Siberian cheap hydropower to mine and “get rich” with the Bitcoin market

A Russian company uses Siberian cheap hydropower to mine and “get rich” with the Bitcoin market

11/3/2021

According to a report by Channel News Asia on March 10, on the banks of the Angara River 4,000 kilometers away from Moscow, a Russian company operates a large data center that relies on local cheap hydropower. It is reaping the return of the soaring Bitcoin price and plans to double its power output this year.


The company called BitRiver installed equipment in its 100-megawatt flagship data center in Bratsk and other smaller sites to provide services to foreign miners of cryptocurrencies from the United States, Europe, and Japan. The company hopes to take advantage of this Cheap energy mining in the region.


According to the company’s CEO Igor Runets, the company can already be responsible for up to 2% of global Bitcoin mining but added that precise figures for the sector are difficult to obtain.


According to reports, since the beginning of November, the price of Bitcoin has risen by nearly 300% and exceeded $50,000 for the first time last month. As Tesla purchased $1.5 billion worth of bitcoin, other large companies and investment institutions also followed small dealers to buy bitcoin assets.


According to a report by Channel News Asia on March 10, on the banks of the Angara River 4,000 kilometers away from Moscow, a Russian company operates a large data center that relies on local cheap hydropower. It is reaping the return of the soaring Bitcoin price and plans to double its power output this year.


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