BitRiver’s crisis is affecting up to 50% of Russia’s mining sector, with $9.2 million in debt and its CEO under arrest.

The bitcoin mining giant BitRiver, which controls more than half of the Russian market, is on the brink of bankruptcy following a court ruling that initiated supervisory proceedings against its parent company.

On January 27, the Sverdlovsk Regional Arbitration Court 

 the start of monitoring proceedings against Fox Group of Companies LLC, which owns 98% of BitRiver Management Company, after a $9.2 million compensation claim filed by Infrastructure of Siberia, a subsidiary of En+.

Just last year, the company generated more than $129 million in revenue, managing 533 MW of power across 15 data centers with over 175,000 mining machines.

bitcoin_Mining

> **BitRiver’s crisis is affecting up to 50% of Russia’s mining sector, with $9.2 million in debt and its CEO under arrest.**
>
> The bitcoin mining giant BitRiver, which controls more than half of the Russian market, is on the brink of bankruptcy following a court ruling that initiated supervisory proceedings against its parent company.
>
> On January 27, the Sverdlovsk Regional Arbitration Court [ordered](https://mkad.arbitr.ru/card/c8d3e6d4-5609-4798-b686-f6b0134b0037) the start of monitoring proceedings against Fox Group of Companies LLC, which owns 98% of BitRiver Management Company, after a $9.2 million compensation claim filed by Infrastructure of Siberia, a subsidiary of En+.
>
> Just last year, the company generated more than $129 million in revenue, managing 533 MW of power across 15 data centers with over 175,000 mining machines.
>
> [**...read more at atlas21.com**](https://atlas21.com/bitriver-heads-toward-bankruptcy-russias-largest-bitcoin-miner-at-risk-of-collapse/)