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Russia decides to cash in on crypto

A massive 70 MW crypto-mining with an estimated value of $40-$60 mln was shipped to Russia from Asia at the end of 2020. The hardware began to mine bitcoins at the end of December in Bratsk (Irkutsk region). In Bratsk, a separate Tier-III data processing center (DPC) was launched in a separate hangar, which ensures that the hardware runs at a high safety level. The name of the Asian supplier and the specification of the hardware were not disclosed. The system runs on specialized hardware called application-specific integrated chips (ASICs), manufactured mainly by Bitmain, Whatsminer, Innosilicon and Avalon.

According to the head of Chilkoot, a distributor of mining-hardware manufacturers in Russia, Artyom Eremin, the cost of the latest version of such hardware for the entire batch could reach $50 mln, and that estimate was made before the recent bull run in Bitcoin. Early versions might cost much less, said Eremin. Head of the Six-Nines data center (Sweden) Sergey Troshin noted that state-of-the-art BTC ASICs were most likely purchased. Their market price is $2,000-$3,000, so a 70 MW deal could cost somewhere in the ballpark of $40-60 mln. Against the backdrop of frenzied buying on the crypto market, the deal looks spot on. That said, it’s another matter what the endgame will be and whether cryptocurrency will be able to squeeze out fiat currency. The jury is still out on that issue.

 

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