According to a recent Bloomberg report, BitRiver CEO Igor Runets is reportedly worth $230 million. The article suggests that Runets is building his fortune due to Russian President Vladimir Putin’s policy shift toward supporting crypto mining. Runets claims that Russia’s crypto mining industry is now growing at a faster rate than that of the United States.
BitRiver’s Expansion and Future Plans
BitRiver is a leading player in Russia’s rapidly expanding industrial crypto mining sector. The company focuses heavily on Bitcoin (BTC) mining and is expected to add 1 megawatt (MW) of mining capacity soon, with data centers being constructed across the nation. Bloomberg also noted that the company’s $230 million valuation stems from both estimates of BitRiver’s overall worth and the cost of new data centers nearing completion.
Runets confirmed that both Russian and international clients are interested in investing in BitRiver. He stated that Russia is poised to become a global leader in the crypto mining industry, potentially surpassing the United States in the years ahead.
Boost for Russian Crypto Mining
The crypto mining sector in Russia received a substantial boost on September 1, when the government officially recognized industrial mining as a form of entrepreneurship. Despite some foreign investors exiting Russia due to the war in Ukraine, this policy shift has encouraged new investments in the industry. Many observers believe this could lead to greater involvement from Russian banks in crypto mining activities.
Runets emphasized that crypto mining could serve as the foundation for developing Russia’s artificial intelligence (AI) sector and contribute to the growth of the nation’s digital economy.
Western Awareness and New Industry Players
Runets also claimed that Western countries are taking note of Russia’s growing role in the global crypto mining sector, with international media increasingly recognizing this development. Meanwhile, some US-based experts suggest that Russia’s legalization of crypto mining could help the nation navigate international sanctions by simplifying cross-border settlements.
Major Russian corporations, including **Gazprom**, are also entering the crypto mining space. Gazprom is reportedly constructing a 500-rig Bitcoin mining facility in the historic city of Veliky Novgorod. This move aligns with growing interest from regional governments and businesses eager to capitalize on the opportunities within the sector.
Runets’ Background and BitRiver’s Growth
Igor Runets, a Stanford MBA graduate, began building BitRiver’s first data center in Bratsk while studying in the United States. Some of his classmates became BitRiver’s early clients. Today, the company operates 15 data centers with a combined capacity of over 500 MW, solidifying its position as one of the largest crypto mining firms globally.
With the crypto mining industry gaining momentum in Russia, the nation’s role as a potential world leader in the sector continues to attract attention from both domestic and international players.
