Crypto news on Monday

Crypto news on Monday

The cryptocurrency market is evolving, and as a result, people from all over the world start to realize the significance of the industry. One of the examples, how the crypto market is transforming the modern world comes from the Russian Federation.

Russia is the largest country in the world in terms of total area. Also, it inherited a significant number of hydropower plants after the Soviet Union ceased to exist in 1991.

Oleg Deripaska is one of the richest men in Russia. It is important to mention that he owned the Bratsk hydropower plant, as well as the aluminum plant, which belonged to him. Deripaska used to be the owner of Group Plc and its unit United Co. Rusal.

Bitriver, which is the largest data center in the former Soviet Union is located near the Bratsk aluminum plant. It is a well-known fact that cheap electricity is important for crypto mining. This company which opened in less than one year ago took advantage of cheap electricity in the region.

Another reason why it was a great idea to open a data center in Bratsk is weather, more precisely cold weather. The climate in Siberia is perfect for crypto mining as long, and cold winters help to reduce the costs associated with mining.

Crypto mining in Siberia

It is worth mentioning that Russian law doesn’t recognize crypto mining. However, Bitriver is not breaking any by operating a data center. It only provides equipment as well as technical services.

Moreover, it has clients from all over the world including China, Japan and U.S. These companies are paying Bitirver to use its data center. Most of them use this center mine Bitcoins.

Oleg Deripaska had to deal with sanctions imposed by the U.S. However; he reached an agreement with U.S. Treasury. As a result, penalties were lifted in January.

En+, which used to belong to Deripaska, is not under the sections. This company supplies up to 100 megawatts to Bitriver each year. This helps to diversify its client base as well to earn money by selling electricity.