BitRiver Nears Bankruptcy as Russia’s Top Bitcoin Miner Faces Insolvency
BitRiver, long one of Russia’s largest Bitcoin hosting firms, appears close to bankruptcy after court proceedings were launched to recover about $9.2 million. Local reports say the company’s founder has been arrested and operations were shuttered across the country, leaving hosted mining rigs offline and customers racing to find alternative hosting or move equipment.
The fallout could remove a meaningful chunk of Russia’s mining capacity and shift global hashrate distribution as machines go dark or relocate. Creditors, equipment lessors and international clients face potential losses, and the case highlights legal and jurisdictional risks in large-scale mining. While immediate effects on BTC are likely limited, the episode may prompt tighter scrutiny of mining counterparties and accelerate consolidation or migration to safer hosting jurisdictions.