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.
- 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.