- Russia’s hydropower giant En+ has partnered with BitRiver, a crypto asset mining company, to run the bitcoin mining business
- The joint venture Bit+ between the two companies aims at the mining business.
En+ is based in Moscow and is a leading aluminum producer and significant resource and electricity company. The company is listed on the London Stock Exchange. En+ boasts of nearly 20 gigawatts of electricity per hour worldwide.
The other company BitRiver is the largest provider of bitcoin mining services in Russia. The mining facility has been set up in Bratsk, which is the current data center of BitRiver. The companies plan to increase the facility capacity to approximately 40MW.
En+ is entering the world of crypto mining after some experimentation in the field. Mikhail Khardikov, CFO. En+ said that both the companies are focused on supporting the data centers in Bratsk, in the Irkutsk region of Russia. In this region, the company produced low carbon, inexpensive electricity from renewable energy sources, and surplus energy to the partners.
Khardikov also informed that his company had worked with BitRiver three years ago. BitRiver was an En+ client at that time. They were selling power to their farm in Bratsk.
BitRiver has the most massive mining value in Russia, hosting about 10 megawatts worth of clients’ ASICs on a farm near the hydropower plant in Siberia. Both companies are looking to expand in the nearest regions with local support through this partnership.
One of the largest industrial firms entering the crypto world will try to change the global crypto mining industry’s current power balance. Chiang’s domination in the crypto mining industry is losing its sheen, and other countries like the U.S., Russia, Kazakhstan, and Canada are gaining larger shares of the market.
The company will use state of the art mining equipment Bitmain’s AntMiner S19 Pro. With difficulty in Bitcoin mining, it has a computing power of 250PH/s, and as per the estimation, it is possible to generate about 2.2 bitcoin every 24 hours. This means that the Bit+ facility will have a total of 14 containers that can accommodate up to 400 S19 Pros by December.
Both the companies are aiming to expand the Bit+ mining facility to 40MW/h. In the alliance between the two companies, En+ holds an 80% stake, and BitRiver has a 20% stake. Through this joint venture, both the companies are positive to strengthen their share and expand exponentially in Russia.
Read More: En+ eyes Bitcoin Mining Business, partners with BitRiver