Digital Assets: Russian Aluminum And Hydro Giant En+ Enters Crypto Mining

November 5, 2020 | Digital Assets, News
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As bitcoin soars to within a kissing distance of $15K, the En+ Group joins hands with BitRiver.

The En+ Group (LON: ENPL), the Russian aluminum and energy giant, has partnered with BitRiver, which owns the largest crypto mining venue in Russia, for cryptocurrency mining. (The Block)

Bit+

The name of the joint venture between En+ and BitRiver is Bit+, and it will not undertake any self-mining. Instead, it will offer hosting for crypto mining customers.

The JV has hit the ground running with its first phase already operational. Reportedly, En+ has already made 10MWh available to it.

BitRiver has the onus for the day-to-day running of the facility, located near Bratsk city in Siberia.

It already hosts about 100 megawatts worth of clients’ ASICs on a farm near the Bratsk hydropower plant. Meanwhile, En+ owns four hydropower plants in Siberia.

By December, the JV partners will install 14 “modules” – each being a converted shipping container with a capacity to hold 400 units of the AntMiner S19 Pro machines.

Business rationale

“Our energy assets in the region produce low-carbon, inexpensive electricity from renewable sources, and we are able to offer surplus energy to these partnerships,” said Mikhail Khardikov, head of En+ Group’s energy business.

Igor Runets, founder and CEO of BitRiver, said the two companies had decided to use a modular design for their new business model – found to be efficient in terms of organizing the operations.

“We’re planning to grow the capacity of our data centers significantly in 2021, and partnering with the largest private hydropower company in the world is important to achieve this goal,” he said to Coin Desk.

According to Coin Desk, En+ holds an 80% stake and BitRiver 20% in the joint venture.

Meanwhile, bitcoin has entered a bullish trend, according to Mike Novogratz.

Bitcoin now flirting with $15,000

Novogratz according to NewsBTC: “We’re in a bull market in #bitcoin. The Fed is going to continue to print. Less fiscal, more Fed, good for crypto. We have crossed the Rubicon in its adoption.”

Related Story:  JPMorgan Issues Bullish Bitcoin Analysis

Image Credit: EN+ Group                                                  

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