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Some changes have been witnessed within the industry, concerning mining locations, in the last few years. ??
Russian Mining Giant to Build Two Additional Facilities to Cope With the High Demand
According to Igor Runets, CEO and founder of the Russian mining company Bitriver, American and European investors are moving their infrastructure from China, Africa, and Latin America to Russia. One of the main reasons behind the shift is the high costs of electricity in such regions of the world. That said, most miners are looking to trim their costs amid the bitcoin bull-run over the last few months.
That said, most crypto miners are looking to cut costs amid the bitcoin (BTC) bull-run seen over the last few months. Runets said the firm hopes to reach 1 gigawatt in the next 18 months. Runets said the company is hoping to reach 1 gigawatt (GW) “in the next 18 months.”
Such expectations encourage Bitriver to increase its capacity by building two new crypto mining facilities in Krasnoyarsk with 80 megawatts (MW) in total.
On the other hand, the firm seeks to establish another mining infrastructure in Buryatia in the Siberian region, with 300 MW of capacity.
As per the CEO, Bitriver has set the deadline to be July this year. Chinese cryptominers are increasing their wholesale customers other local mining companies are also experiencing a rise in applications for crypto mining hosting.
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He forecasts that the demand could witness “a strong increase in demand” starting in the fall of 2021, as the expectations for the BTC prices are still very bullish.
?? Bitcluster set a plan to expand their capacity by adding 60 MW at any point of 2021.
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Disclaimer: This article is for informational purposes only. One reason behind the shifting trend is the high costs of electricity incurred in such regions. That said, most bitcoin miners want to be cost-effective amid the bitcoin bull-run seen over the last few months . Bitcoin.com does not provide investment, tax, legal, or accounting advice. A couple years from now, Runets said, the company hopes to reach 1 gigawatt.
