- Russian hydro paper company, En+ has partnered with BitRiver to debut a Bitcoin mining farm.
- The facility will initially support 10 megawatts of power.
The Russian Federation-based global natural resources firm, En+ Group, has announced its move into the digital currency mining industry. The independent hydropower company, En+, is joining the Bitcoin mining ecosystem with a 10 megawatt (MW) farm after several periods of observations. The crypto mining farm was launched in partnership with BitRiver, which specializes in providing turnkey solutions and hosting services for crypto mining.
En+ joins Bitcoin mining
Per the report on Thursday, the hydropower company holds an 80 percent stake in the joint venture, while BitRiver holds 20 percent. While En+ provides the required energy to power the Bitcoin mining operations in the facility, BitRiver will oversee and handle all the operations. Both companies do not intend to engage in sef-mining. However, the partnership is aimed at providing hosting services for miners’ ASICs.
Also, the companies noted that the Bitcoin mining farm would only support 10 megawatts of power for a start. However, the capacity will eventually be increased to 40 megawatt-hours, according to the report. Meanwhile, the Bitcoin mining facility can be able to produce a processing power of 250 petahashes per second (PH/s) at 10MW, which operated with highly-advanced miners like the AntMiner S19 Pro from Bitmain.
Estimates are that such computing power can produce about 2.2 bitcoin in a day, following the current mining difficulty.
Russia crypto mining
While commenting on the development, the CFO at En+ Group, Mikhail Khardikov, opined that the cryptocurrency mining facility is in accordance with their works to convert electricity to products. Notably, En+ mainly combined its energy with aluminum production rather than directly selling to consumers via the power grid.
The development today comes as a boost to the Russian Bitcoin mining industry. Currently, the country is the third-largest mining region, with 6.90 percent of the global Bitcoin hashrate, according to the University of Cambridge mining map.