Russia’s Biggest Bitcoin Miner BitRiver Enters Bankruptcy - Crypto Economy

2026-02-04 01:06:03

TL;DR

BitRiver, Russia’s largest Bitcoin miner, entered bankruptcy following multiple contract disputes, international sanctions, and operational shutdowns.
CEO Igor Runets was placed under house arrest on multiple tax evasion charges.
Despite the company’s collapse, Bitcoin mining in Russia grew 33% in 2025.

BitRiver, Russia’s largest Bitcoin miner, entered bankruptcy proceedings while facing multiple financial and legal issues. Its parent company, Fox Group of Companies, is under court supervision due to accumulated debts and unpaid obligations. The bankruptcy stems from contract disputes, operational shutdowns, and international sanctions that have limited the company’s ability to operate.

One of the main conflicts involves Infrastructure of Siberia, which is claiming over $9 million after the miner failed to deliver pre-paid mining equipment. The court ruled in favor of the energy company. Additionally, BitRiver’s mining centers in Irkutsk and Buryatia remain closed due to government restrictions. A 40 MW facility in Ingushetia was shut down for violating local regulations.

Million-Dollar Debts and Unfulfilled Contracts

Energy suppliers have filed claims totaling hundreds of millions of rubles, and some lost trading rights due to nonpayment. These restrictions have impacted the company’s operational capacity and worsened its financial situation.

Igor Runets, founder and CEO, was placed under house arrest on multiple tax evasion charges. Authorities allege that Runets attempted to hide company assets to avoid taxes, a claim he and his legal team deny.

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Internationally, BitRiver faced U.S. sanctions and lost key partners. Japanese firms, including SBI, withdrew financial support and supply channels, further limiting the company’s access to foreign markets.

BitRiver Succumbs to International Pressure and Regulations

Before its decline, BitRiver operated over 175,000 rigs across 15 centers, generating $129 million in revenue last year. Its collapse highlights the vulnerability of large-scale miners under regulatory, financial, and operational pressures in Russia.

Despite BitRiver’s bankruptcy, Russia’s Bitcoin mining sector continues to grow. Grid-connected mining capacity increased 33% in 2025 to 4 GW, driven by domestic demand for industrial mining infrastructure.

BitRiver’s future will depend on the resolution of its legal and financial disputes, but its collapse does not stop the growth of Russia’s mining sector or its role in global cryptocurrency production

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