Victor Ugochukwu · Dec 14, 2020 . 5min read
Russian energy giant En+ collaborates with BitRiver for Bitcoin Mining farm
En+ Group, a hydropower giant, is collaborating with BitRiver in a joint venture Bit+ to establish and run a Bitcoin mining farm.
By Komal Joshi · Nov 5, 2020 . 5min read
En+ Group, a Russian energy giant, is expanding into the bitcoin mining space. It has its headquarters in Moscow. Listed on the London stock exchange, En+ Group has established a joint venture, Bit+ with BitRiver. The En+ Group collaborates with BitRiver to establish a bitcoin mining farm.
BitRiver holds the biggest mining venue in Russia. It hosts about 100 megawatts worth of clients’ ASICs on a farm near the Bratsk hydropower plant. The plant is in Siberia. Moreover, the firm is also looking to extend to nearby areas with the aid of the local authorities. Additionally, the collaboration with En+ will append to the future extension.
En+ Group owns four major hydropower plants in Russia’s Siberia region. It produces approximately 7% of the country’s electricity and has the resources to become one of the foremost players in the market. Moreover, En+ joining the crypto space might improve the prevailing power balance in the global crypto mining industry. Recently, China’s power is reportedly declining, and nations such as the U.S., Kazakhstan, Russia, and Canada are attempting to gain a larger market share of the same.
En+ Group holds 80% stake in the joint venture with BitRiver.
According to the collaboration, BitRiver runs and oversees the operations of the facility, which is near to its sites in Russia’s Bratsk. Additionally, Bratsk is a city known for the vast Bratsk reservoir. En+ and BitRiver have collaborated to run a new Bitcoin mining farm. En+ holds an 80% stake and BitRiver 20% in the joint venture. It will initially provide 10 megawatts of power for miners who would like to keep their ASICs there, with the potential to extend to 40 megawatts.
Both the companies state that Bit+’s first phase of bitcoin mining facility is already up and operating with ten megawatt-hours of capacity offered by En+. Additionally, the firms elucidate that Bit+ does not involve in self-mining. Moreover, it only volunteers hosting services for consumers, which do not restrict to bitcoin mining.
Follow Cryptodose for more updates.