US Sanctions Bitriver, Targets Russia’s Crypto Mining Potential
In an attempt to deny Russia opportunities to evade sanctions through cryptocurrencies, the U.S. Department of the Treasury has sanctioned leading Russian mining firm Bitriver. The move comes amid concerns that Moscow may use the minting of digital coins to monetize its energy resources. Zug-Based Bitriver and Its Russian Subsidiaries Blacklisted by United States The U.S. Treasury Department has for the first time taken action against Russian crypto miners that could ostensibly facilitate Moscow’s efforts to circumvent international restrictions imposed over the war in Ukraine. On....
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Russia’s biggest crypto mining company is under renewed scrutiny after authorities detained BitRiver founder and CEO Igor Runets on multiple tax evasion charges, deepening the legal and financial pressure on a firm already constrained by sanctions and operational setbacks. Related Reading: With Bitcoin Below $80K, ARK Reframes The Narrative Around Gold The case, which is […]
Russia’s Bitriver, one of the largest operators of crypto mining data centers, may take legal action against the U.S. over the decision to place it under sanctions. The company insists it does not help the Russian government to circumvent international restrictions. Bitriver Rejects US Accusations as Unfounded, Sees No Legal Ground for Sanctions Leading Russian mining enterprise Bitriver is considering filing a lawsuit against the U.S. Treasury Department, which recently designated the Swiss-registered company and a number of affiliated entities in a new round of sanctions against....
"The United States is committed to ensuring that no asset, no matter how complex, becomes a mechanism for the Putin regime to offset the impact of sanctions,” said Treasury. The United States Treasury Department has added Russia-based crypto mining services provider BitRiver and several subsidiaries as firms facilitating the evasion of sanctions. In a Wednesday announcement, the Treasury Department’s Office of Foreign Assets Control, or OFAC, said it was taking action against BitRiver AG as well as 10 of its Russia-based subsidiaries, naming the companies as ‘Specially Designated....
Igor Runets, the entrepreneur behind one of Russia’s biggest Bitcoin farms, was taken into custody Friday as tax investigators moved in on his company. The move shocked many in the mining world because BitRiver runs huge data halls in Siberia and has been a visible player since the early 2020s. Related Reading: With Bitcoin Below […]
On April 12, the international provider of colocation services for low-carbon cryptocurrency mining Bitriver announced it is launching a pre-sale of tokens backed by 100 megawatts (MW) of mining power in Siberia. The ERC20 tokens called “bitriver token (BTR)” will represent a single watt-hour (Wh) of Bitriver’s power in Bratsk. A Low-Carbon Crypto Mining Token The blockchain and mining firm Bitriver announced the organization is launching the public sale for its new tokens called “bitriver token (BTR)” on April 19, 2021. Each token represents a single....