Russia has reportedly imported thousands of cryptocurrencies amid a boom in the cryptocurrency market.
The head of BitRiver, Russia’s largest cryptocurrency colocation service provider, said a local customer had received more than 20,000 crypto-currency mining devices, Russian news agency Kommersant reported on the 10th. February.
BitRiver founder and CEO Igor Runets said the total mining capacity of the imported equipment is 70MWh, which is estimated to be the largest batch of crypto mining equipment in Russia. According to Runec, the equipment was delivered in December 2020 and immediately installed for bitcoin (BTC) mining in Bratsk, a city in Russia that is home to one of the country’s largest hydropower plants.
Runec noted that the mining units are imported from Asia. A BitRiver spokesperson told Cointelegraph that the company cannot disclose the name of the Russian customer or the country that exported the devices. The representative added that one of the BitRiver sites is home to a mining data center.
BitRiver does not disclose exactly what type of cryptocurrency miners are being imported. According to Kommersant, the imported cargo was worth between $40 million and $60 million.
Although Russia passed the law on digital financial assets in January 2021, there is some uncertainty surrounding crypto mining as the law does not provide a clear regulatory framework for the industry. In September 2020, local authorities even proposed banning Russian miners from paying to mine cryptocurrencies.
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Russian Deputy Finance Minister Alexei Moiseyev said in September 2017 that it was probably illegal to accept payments in cryptocurrencies. However, Bitcoin marketplace sites have been blocked and court rulings show that Bitcoin is a currency substitute banned in the Russian Federation.
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