En + Group, an Anglo-Russian metals giant and the world's largest independent hydroelectric power generator, just announced its entry into the bitcoin mining space when the company formed a joint venture with BitRiver, the largest known service provider. hosting and turnkey solutions for institutional crypto mining.
Dubbed Bit +, the newly formed joint venture is already operational with 10 MW of capacity provided by En +. The joint venture aims to provide a bitcoin mining facility with a low carbon footprint. En + has enormous power capacity and the company plans to upgrade its bitcoin mining facility in the future.
According to the official announcement, En + will be responsible for providing low-cost electricity from the company's renewable energy sources to Bit +, while BitRiver will run and manage the operations. Both companies planned to increase the facility's capacity to approximately 40MW.
The mining facility is located near BitRiver's current data center in Bratsk, in the Irkutsk region of Russia.
Commenting on the partnership, Mikhail Khardikov, Director of Energy Business at En + Group, said:
“We actively support the development of data centers in the Irkutsk region. Our energy assets in the region produce cheap, low-carbon electricity from renewable sources, and we are able to offer surplus energy to these associations. In addition, the low average annual temperature reduces the energy required by data centers, making them more efficient and further minimizing their carbon footprint. "
Igor Runets, CEO of BitRiver, spoke exclusively with Finance Magnates to share his views on the partnership and future plans. “Our relationship with En + Group is long-lasting and effective. Our two companies benefit from this. Now this cooperation has become even closer. We have created a Bit + joint venture. This is an opportunity for us to say openly that industry giants like En + trust us. We will be happy to develop our JV and increase its capacity from the existing 10 MW to 40 MW by the end of this year, we have all the possibilities for this, "said Runets.
When discussing expansion plans, Runets mentioned:
“In the future, we only plan to expand the cooperation, increasing the number of data centers to work with energy-intensive equipment. So, for example, by the end of 2021, we plan to open additional data centers with a total capacity of up to 260 MW. And we hope that En + continues to act as our partner ”.