Remote Siberian data center reaps rewards of bitcoin rally

MOSCOW - Four thousand kilometres from Moscow near the shores of the Angara River, a Russian firm operating a vast data centre run on cheap local hydroelectric power is reaping the rewards of bitcoin’s surging prices and plans to double its power output this year.

The price of bitcoin has risen almost 300% since the start of November and topped $50,000 dollars for the first time last month, as Tesla Inc bought $1.5 billion worth of bitcoin and other large companies and investment houses followed small traders into the asset. The rewards for those who can verify transactions in the process which produces bitcoins have never been greater.“Current demand from our clients exceeds 700 megawatts and is approaching one gigawatt,” said Runets. “We will of course continue to build data processing centres. In 2021, we plan to reach 300 megawatts of power.”

“Current legislation in Russia does not hamper us in any way,” Runets said. “It allows us to host foreign clients’ computing equipment on Russian territory with settlements for this in dollars or roubles.”“When bitcoin falls or rises, my profit, my revenue remains almost unchanged,” Runets said. “This financial stability in a volatile market is very valuable.”

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