News

Russia and BitRiver Expand Crypto Mining in BRICS Nations

Key Points:

The Russian government partners with BitRiver to build crypto mining in BRICS nations.
BitRiver currently operates 21 data centres in Russia and is constructing 10 more to boost mining capacity.
The Russian Direct Investment Fund (RDIF) backs this expansion, highlighting the importance of crypto mining for Russia’s economy.

The Russian government and BitRiver, the country’s largest crypto miner, are announcing ambitious expansions to set up crypto mining in BRICS nations.

Russia and BitRiver Plan Major Expansion in BRICS Nations

According to RBC domestic media, this considerable move cooperates with the country’s sovereign wealth fund, the Russian Direct Investment Fund-RDIF. It is part of Russia’s ambitions to increase its presence in the global cryptocurrency mining space.

BitRiver runs 21 data centres in Russia, making it one of the most prominent players in digital currency mining. It is further building an additional 10 centres, showing that it is fully committed to increasing its capacity. BitRiver is eyeing crypto mining in BRICS nations, Russia, India, China, and South Africa, a partnership hoping that such geopolitics and economics will promote new opportunities in developing mining infrastructure.

Russian Direct Investment Fund Backs the Expansion Effort

The RDIF’s participation indicates that this development is of strategic relevance for Russia, where the government aims to gain a more significant foothold in the cryptocurrency industry by establishing more energy-efficient data centres. Crypto mining is power-consuming, and it is reasonable to conclude that BitRiver plans to exploit the friendly regulatory environments and, more importantly, cheaper energy sources of some of the crypto mining in BRICS nations.

Russia and BitRiver have taken a new step toward expanding their data centres in crypto mining in BRICS nations, manifesting their desire to be at the forefront of the industry. This may translate to increased Bitcoin mining capacity and further tech improvements within the crypto sphere, placing both countries in strategic positions on the map.

DISCLAIMER: The information on this. website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.