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BitRiver, one of Russia’s largest industrial bitcoin miners, is facing potential bankruptcy after a regional court launched insolvency proceedings against its parent structure amid mounting debts, asset freezes, and operational shutdowns.&nbsp;
The <a href="https://www.kommersant.ru/doc/8398061" rel="noopener noreferrer nofollow">case</a> marks a dramatic downturn for a company that once controlled more than half of Russia’s mining capacity.
The Sverdlovsk Regional Arbitration Court has initiated observation proceedings against Fox Group of Companies LLC, which owns 98% of BitRiver Management Company. The ruling, dated January 27, follows a bankruptcy petition filed by En+’s Infrastructure of Siberia over unpaid debts exceeding 700 million rubles (approximately $9.2 million), including penalties.
The infrastructure of Siberia told Kommersant that it had prepaid more than 700 million rubles under an equipment supply contract with Fox Group, but the mining equipment was never delivered.&nbsp;
The contract was terminated, and in April 2025, the Arbitration Court of the Irkutsk Region ruled in favor of Infrastructure of Siberia, ordering a full refund and penalties. Enforcement proceedings later found no recoverable assets, prompting the bankruptcy filing.
BitRiver’s difficulties extend beyond legal disputes. According to Kommersant, the freezing of company accounts amid litigation with En+ entities has severely disrupted operations. The mining group includes dozens of legal entities and previously operated 15 data centers with a combined capacity of more than 533 MW.&nbsp;
Many facilities in the Irkutsk region are no longer operational, while a 100 MW data center in Buryatia was never commissioned. Additional shutdowns followed regional <a href="https://hash.media/hashdesk/russian-crypto-ceo-roman-novak-found-murdered-in-the-uae/" rel="noopener noreferrer nofollow">mining</a> bans and law enforcement actions.
The company has also accumulated substantial unpaid electricity bills, facing claims from multiple energy suppliers and grid operators totaling hundreds of millions of rubles. Several partner projects, including platforms linked to Gazprom Neft, have reportedly been closed.
By late 2025, large-scale layoffs, salary delays, and management departures intensified. About 80% of BitRiver’s top management has left, and offices were shuttered. Founder and CEO Igor Runets has been placed under house arrest on tax evasion charges, according to a Moscow court ruling.
Sources cited by Kommersant say negotiations are underway to change ownership and transfer remaining assets, with analysts noting that BitRiver’s infrastructure could still attract specialized investors and creditors despite the company’s collapse.
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Russia’s BitRiver at risk of bankruptcy amid debts and asset freezes

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