As the cryptocurrency industry continues to grow, the Russian Government has also taken things up a notch. Ever since the beginning of the year 2020, Russia has been making quite a lot of progress with respect to cryptocurrencies.
Apart from giving legal status to the cryptocurrency industry, Russia is also working to launching its own CBDC. Following the approval of cryptocurrencies in the country, Russia also released a new cryptocurrency law that has been implemented since the beginning of 2021.
At the beginning of the year 2021, it was revealed that Russia is now starting to invest heavily in the Bitcoin (BTC) mining sector. As per the latest reports, Russia has recently imported an enormous number of devices used for mining Bitcoin (BTC). Although these developments were already in the pipeline for Russia, yet the country has expedited the process amid the surge in crypto-prices globally.
The information has also been broken by one of the senior executives at BitRiver. According to the executive, a local client from Russia has acquired more than 20,000 devices used for the purpose of mining Bitcoin (BTC). BitRiver exists as the largest colocation services provider in Russia for cryptocurrency mining.
The above information has been revealed by the local news agency known as Kommersant on February 10, 2021. The Founder and CEO at BitRiver also provided details around the total mining power of the equipment that has been imported for mining.
Igor Runets stated that the total mining power that the imported devices will generate is 70 MWh. The import has gone onto becoming the single largest batch of Bitcoin (BTC) mining devices imported by Russia.
Runets has confirmed that the largest batch of cryptocurrency mining devices was delivered back in December of 2020. He stated that as soon as the equipment was received, it was set up in Bratsk right away to carry out Bitcoin (BTC) mining. Bratsk is a city in Russia that is known for having the largest hydro-power stations in the country.
He also confirmed that the mining rigs acquired for the purpose of mining Bitcoin (BTC) were acquired imported from Asia. When approached by one of the cryptocurrency reporting firms, the spokesperson at BitRiver refused to make any comments.
The spokesperson stated that they are neither allowed to reveal the name of the local client who ordered the rigs nor they are allowed to reveal the name of the hardware provider from Asia.
However, the spokesperson did confirm that the Bitcoin (BTC) mining center has been set up on one of the facilities of BitRiver. According to the local news agency, the deal for acquiring 20,000 crypto-mining devices was finalized between $40 million and $60 million.