In crypto mining operations, the locations have changed in relation to the locations. A recent interview with the CEO of mining giant Bitriver revealed that Russia is becoming a preferred hotspot for crypto miners.
Russian mining giant is building two additional plants to meet high demand
According to Igor Runets, CEO and founder of Russian mining company Bitriver, American and European investors are moving their infrastructure from China, Africa and Latin America to Russia. The main reason for the relocation is the expensive electricity costs in such regions.
However, most crypto miners are trying to cut costs as part of the Bitcoin (BTC) bull run of the past few months. Bitriver’s CEO told Kommersant that its existing capacity as a mining company is at the forefront. Runets said the company hopes to hit 1 gigawatt (GW) “over the next 18 months.”
These expectations encourage Bitriver to increase its capacity by building two new crypto mining facilities in Krasnoyarsk totaling 80 megawatts (MW).
On the other hand, the company is aiming to set up another mining infrastructure in Buryatia in the Siberian region with a capacity of 300 MW.
However, the first stage will have an initial capacity of 100 MW. According to the CEO, the deadline set by Bitriver is the end of this summer.
Increase in Chinese Crypto Miners Wholesale Customers
Other domestic mining companies are seeing multiple uses for crypto mining hosting. Sergey Arestov, co-founder of Bitcluster, emphasized that the company repeatedly receives a large number of Chinese wholesale customer orders.
He predicts that demand could see a “sharp surge in demand” from fall 2021, as expectations for BTC prices are still very optimistic.
Because of this trend in a large number of orders, Bitcluster set a plan to expand its capacity by 60 MW at any point in 2021.
What do you think of this trend in global crypto mining? Let us know in the comments below.
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