(Express) – Bitcoin mining machines worth more than £40 million have been shipped to Russia as part of a major new operation launched by mysterious backers, according to industry insiders.
Around 20,000 devices with a total capacity of 70 megawatts were imported by unknown buyers and immediately started mining the cryptocurrency. Igor Runets, CEO of BitRiver, Russia’s largest Bitcoin mining venue, told Kommersant newspaper the equipment arrived from Asia and was quickly installed in its own data center facility in the Siberian industrial city of Bratsk.
Mr. Runets said the new site is now one of the largest operations in the nation. According to data from the Cambridge Centre for Alternative Finance, Russia accounts for 6.9 percent of global crypto mining capacity, putting it in third place behind the US with 7.24 percent and China which has a massive 65.08 percent.
The new Russia operation was set up just as bitcoin was moving to new highs above the $20,000 mark in December. That figure was eclipsed this week when the cryptocurrency soared towards $50,000 after reports that Elon Musk’s Tesla had bought $1.5billion of bitcoin and would soon accept it as payment for cars. READ MORE
