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Benzinga
Benzinga
Business
Adrian Zmudzinski

Russia Gears Up For Crypto Mining Amid Sanctions: Compass Mining To Provide The Hardware

Mining Crypto Russia Bitcoin United States

United States cryptocurrency mining firm Compass Mining Inc. is hastily liquidating $30 million worth of Bitcoin (CRYPTO: BTC) mining hardware in Russia after Swiss rival BitRiver was struck with sanctions over its activity in Russia.

What Happened: Compass Mining CEO Whit Gibbs said that the firm is selling crypto mining hardware with a capacity of 12 megawatts that cannot be moved out of Russia due to sanctions, according to a recent Bloomberg report. The company expects to recover most of the equipment's value and plans to distribute the proceeds among about 2,000 customers, who own the hardware that is being sold.

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