ICYMI: Here are Russian oligarch Oleg Deripaska’s ties to the newly sanctioned bitcoin mining company
BitRiver is the largest firm working in crypto mining in Russia. It is also the first firm associated with crypto mining designated by US sanctions.
The Treasury has not said why it sanctioned BitRiver in particular and did not elaborate when contacted by The Block. However, BitRiver has ties to certain Russian companies — including firms founded by Russian Oligarch Oleg Deripaska — that have previously been targeted by American officials.BitRiver runs data centers that host third-party crypto miners, rather than its own mining rigs.
In a statement to The Block, David Carlisle of crypto analytics firm Elliptic said that “OFAC's sanctions action is a pre-emptive strike to prevent Russia from leveraging its energy resources for crypto-enabled sanctions evasion.”