The Russian energy giant En+ Group announced a move into the digital currency mining space through a joint venture with mining farm operator BitRiver. The joint venture called Bit+ is a first for the London Stock Exchange-listed company, better known for being the world’s largest independent hydropower generator and aluminum producers. Russian En+ Group holds an 80% stake in the new company, with BitRiver owning the remaining 20%. BitRiver is the largest known hosting provider in Russia for block reward mining, hosting roughly 100 megawatts worth of clients’ ASICs mining machines.
BitRiver will run and manage the facility’s operations.
BitRiver will run and manage the facility’s operations near its sites in Russia’s Bratsk, a city in the Russian Federation’s Irkutsk region known for the vast Bratsk reservoir. Mikhail Khardikov, the Head of En+ Group’s Energy Business, stated: “We actively support the development of data centers in the Irkutsk Region.” The two companies announced Bit +’s first phase of the crypto mining facility is already up and running with ten megawatt-hours of capacity provided by En+. Bit+ does not engage in self-mining, offering hosting services for clients.
Bit+ plans to complete the first phase by December.
The Russian company has committed ten megawatt-hours of electricity to the facility. Eventually, En+ aims to scale up the mining facility to 40 megawatt-hours. A ten megawatt-hour hydropower plant can boost as much as 250 Peta-hashes per second (PH/s) of computing power if it’s fully used to support ASIC miners such as Bitmain’s AntMiner S19 Pro. Bit+ plans to complete the first phase by December with 14 “modules” up and running. Each module is a converted shipping container that can house up to 400 AntMiner S19 Pro hardware rigs.