Cryptocurrencies
U.S. Crypto-Mining Company Sells Gear Stuck in Russia to Avoid Sanction
- Compass Mining seeking to liquidate $30 million of equipment
- U.S. sanctioned BitRiver this week over Russian operations
Source: Bloomberg
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An American crypto-mining company is trying to quickly liquidate $30 million of hardware in Siberia after the U.S. sanctioned a rival over its Russian operations.
Compass Mining Inc. is seeking buyers in Russia for mining equipment with 12 megawatts of capacity that can’t be moved out of the country, said Chief Executive Officer Whit Gibbs. He expects to recover most of the value for the equipment, and will distribute the proceeds to about 2,000 clients that own the gear.