En+ Group and BitRiver Announce JV for Low-Carbon Cryptocurrency Mining: Bit+
The new joint venture will sustainably convert clean hydropower energy to economic value through cryptocurrency mining, and explore a new growth opportunity for En+
11 November 2020 - En+ Group, the world’s leading producer of low carbon aluminium and largest private sector generator of hydropower, announces a partnership with BitRiver, operator of the largest data centre offering colocation services for bitcoin mining in Russia, to form Bit+, a joint venture for mining cryptocurrencies at low cost with a low carbon footprint. The first phase of Bit+’s new facility, with 10MW of electricity committed by En+, is currently operational, and plans to scale the facility to approximately 40MW.
Under the partnership, En+ Group will provide low-cost electricity from renewable energy sources to Bit+’s new mining operations while BitRiver will run and manage the operations. The facility is located near BitRiver’s current data centre in Bratsk, in the Irkutsk Region of Russia, and is composed of modular cryptocurrency mining units. Every modular unit is a specially converted shipping container and is equivalent to a full-size cryptocurrency mining data centre. Fourteen of these modules will be operational in the facility’s first phase. Each module can accommodate up to 400 units of Bitmain’s latest generation S19 Pro (110 Th) miners.
Mikhail Khardikov, Head of En+ Group’s Energy business, said:
“We actively support the development of datacentres in the Irkutsk Region. 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. Moreover, the low average annual temperature reduces the energy required by the datacentres, making them more efficient and further minimising their carbon footprint.”
Igor Runets, Founder and CEO of BitRiver, said:
“When our strategic partner En+ approached us to test high-power and low-carbon datacentres as a new direction for its business, we were delighted to provide our extensive expertise in sustainable cryptocurrency mining. Together we decided to use a modular design for testing this new business model, based on its efficiency in terms of organising and managing the business.”
Sergey Serebrennikov, Mayor of Bratsk, said:
“Attracting investments and creating new jobs support the development of the city and the well-being of its residents. We are glad to have BitRiver as a reliable partner. We will continue to support the company's business expansion initiatives, including its joint venture with En+ Group, and improve conditions for IT companies in our city.”
About En+ Group: En+ Group is the world’s leading international vertically integrated aluminium and power producer. The Company combines power plants with a total installed capacity of 19.6 GW (including 15.1 GW of hydro power assets), and 3.9 mt of annual aluminium production capacity (through a controlling stake in RUSAL, the world’s largest aluminium producer ex-China in 2018) which is the major consumer of En+ Group’s hydroelectricity
About BitRiver: Founded by Igor Runets in 2017 and headquartered in Moscow, BitRiver LLC provides hosting services and turnkey solutions for large-scale cryptocurrency mining operations to institutional investors around the world. BitRiver employs nearly 100 full-time staff in three offices across Russia and full-time sales’ representatives in China, Japan, UAE and USA. With a vision of powering the most promising tech of today and tomorrow through low cost and sustainable energy, BitRiver currently utilizes only surplus hydroelectric power to operate the largest data center that offers co-location services for bitcoin mining in Russia and the CIS region.
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