19.08.2022
by Rrick
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According to a spokesman for the company, one of the reasons for the move is the general uncertainty about the prospects of the mining industry in Siberia
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as a result of the sanctions imposed on Russia following the invasion of Ukraine.
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The overall decline in crypto prices this year was also taken into account by SBI, as the Bitcoin mining business became less profitable, according to the spokesman.
SBI will have to sell all of its mining equipment stationed in Siberia before the withdrawal is completed, according to a spokesman for the company.
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"These companies help Russia monetize its natural resources by operating vast server farms
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that sell virtual currency mining capacity internationally," the Treasury said at the time.
To avoid sanctions, Compass Mining, an American Bitcoin hardware mining company,
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announced plans to sell $30 million in crypto mining equipment in Siberia, or 15% of its capacity at the time.
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