One of the biggest datacenters in Russia, Bit River, is open for business, and is already making a name for itself within the cryptocurrency mining community.
Bit River Is About to Hit the Top
Bitcoin mining is one of the most controversial maneuvers in the world. On the one hand, if you find yourself getting into it, thereâ€™s a lot of money to be made. At the same time, there are a lot of arguments that the effects of bitcoin mining could be hazardous to the environment.
One such country that held this idea in its head for many years was China. Following bans on both initial coin offerings (ICOs) and foreign crypto exchanges in 2017 and 2018 respectively, the country announced that it was considering a ban on bitcoin mining given that its effects could harm the atmosphere.
After deliberation, however, regulators decided that it wasnâ€™t in their best interest to say “no” to extracting new coins, and China allowed the currency mining process to continue. When one considers the circumstances, China stood to lose a lot by banning mining given that itâ€™s home to two of the worldâ€™s largest cryptocurrency mining operations in the world in Bitmain and Canaan Creative - which recently made waves in the financial space with its U.S.-listed IPO.
Russia itself has had a very mixed relationship with crypto. Recently, a man was found guilty of utilizing the space of an old nuclear power plant to house electrical equipment and computers that were being used to mine bitcoin. While this wouldnâ€™t have been so bad, the man was utilizing the energy of the plant and was allegedly putting sensitive information in harmâ€™s way. In other words, data regarding the plant could have been leaked.
While the man will not serve jail time, he was forced to cough up a substantial fee.
Bit River has some of the largest clients in the United States, Japan and China. The company is renting an old aluminum plant that was widely used during the days of the Cold War and the old Soviet Union to store all its respective equipment.
In addition, the building is stationed right in the middle of Siberia, arguably one of the coldest regions on Earth. Cold temperatures are good for the computers, which tend to heat up very quickly during the mining process hence the heavy amounts of fans employed during mining operations which are used to cool down the computers.
Getting Things Off the Ground
The datacenter was initially constructed within the building more than five years by billionaire Oleg Deripaska, though sanctions and questions regarding the validity of mining during that time prevented it from opening its doors earlier.
The datacenter, however, does not engage in the mining process itself, but only sells equipment to miners, meaning its business is legal within the state.
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