Tag: crypto mining

Russia Hits Pause on Crypto Mining in 10 Regions

Summary: Russia just now dropped a bombshell of a news and potentially a bad one for all crypto miners, announcing a ban on mining in 10 regions starting January 2025, lasting until March 2031. The move, aimed at tackling winter energy shortages, has left miners and the crypto community shook. While the government claims it’s about “fair energy use,” the ban feels like a curveball, especially after crypto mining was legalized just months ago.

Crypto Mining Gets Ghosted

Russia’s basically pulling the plug on crypto mining in spots like Dagestan, Chechnya, and North Ossetia for the next six years. Yep, six whole years. This isn’t just a quick timeout it’s a full-on freeze. The government says it’s about saving energy during harsh winters, but for miners, it feels like getting dumped over text after being told “everything’s fine.”

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Energy Wars: Who’s Paying the Bills?

Here’s the tea: regions like the North Caucasus have dirt-cheap electricity, but central Russia ends up footing the bill. Vladimir Klimanov, an energy policy guru, says the ban is about leveling the playing field. Still, miners are stuck wondering if they’re the scapegoats in this energy drama.

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Crypto Miners Left Hanging

The ban comes at the worst time, with crypto mining buzzing in Russia. Now, miners are either packing up or bracing for six years of tumbleweeds. While the government calls this a “temporary” move, six years feels anything but. For now, Russia’s crypto scene is left on read.

Riot Platforms Draws Top-Tier Partners for AI Initiatives Despite Q3 Losses

Summary

Riot platform’s CEO showed major interest towards “blue-chip” companies that are looking to partner with Bitcoin miners on AI and especially High Performance Computing (HPC) activities. CEO Les said he wants to lock in large power deals for long term partnerships with top-tier companies.

Riot Platforms CEO, Jason Les expressed his interest from “blue-chip” companies that are looking to partner with the Bitcoin miner on AI and High Performance Computing (HPC) initiatives. At the end of October, on a monthly earning call, CEO Les explained the company has had numerous invites from offering a secure large scale power capacity. They have been flooded with messages from top-tier, financially solid companies looking to lock in large power deals, showing serious interest in long-term partnerships.

He further exclaimed how their company was well known for their large power capacity and it is not accepting any lower power deals. In fact, they will set the deal only for hundreds of megawatts worth of power, not any small amounts. Riot’s facilities hold 750 megawatt Rockdale facility and 1 gigawatt power in Corsicana mining site and they offer strategic advantages that could help advance the company’s effort in the sector.

Despite this, Riot is at an overall loss of $154.4 million, that is $0.54 per share compared to an $80 million loss last year. Higher Bitcoin pricing and increased operational production drove a 65% increase in overall income to $80 million, which coincided with this increasing loss.

Nevertheless, even with these losses, its overall revenue has increased by 65% and it has enough energy to make profits and with the constant demands of partnership with top tier companies sooner of later it is sure to spike.

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Russian Crypto Miner and Sovereign Fund Set Sights on Global AI Dominance

Summary

A mining company from Russia named Bitriver is teaming up with Russian Direct Investment Fund (RDIF) in order to build data centers and grow AI projects in BRICS countries. Their aim is to step up Russian’s game in AI and crypto mining.

Bitriver, a Russian data mining giant’s collab with RDIF will allow launch of data centers across BRICS member countries. After launching artificial intelligence themed projects, these two entities will expand Russia’s share of the global computing power network. The announcement for their collaboration was made in the recent BRICS conference held in Moscow. Bitriver’s CEO exclaimed that the main concern of this collab is to set Russia as a major player in AI and cryptocurrency mining. People across the internet believe this collab to be a huge plus point for BRICS countries. With funds coming directly from Bitriver, BRICS countries will be able to set enough AI data centers.

About Bitriver

Bitriver is a Russian company that specializes in crypto mining and data centers. They provide tech and infrastructure needed to mine cryptocurrencies like Bitcoin, using a lot of computing power and energy. They are like the managers of crypto world, setting up systems that keeps the whole mining process running smoothly. Reportedly, it plans on adding 10 more data centers. RDIF, on the other hand, co-invests in projects involving industry leaders, global institutional investors, and other sovereign funds.

Learn more about AI and crypto miners power struggle.

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