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    A Bitcoin miner from the U.S. wants to avoid sanctions by selling USD 30M worth of equipment to Russians

    Compass Mining, a US-based Bitcoin (BTC) and cryptocurrency mining business, intends to sell USD 30 million worth of mining equipment now trapped in Siberia to Russian purchasers in order to dodge any penalties imposed by the US and the EU.

    According to Whit Gibbs, CEO of the Texas-based firm, the mining servers have a capacity of 12 megawatts and cannot be transferred out of the nation, and the revenues from the sale will be used to pay off about 2,000 clients who own the equipment.

    “I understand the sanctions; in this situation, the penalty is disproportionate for American miners,” Gibbs allegedly stated, stressing that although retrieving monies is critical, his clients will be forced to abandon BTC mining.

    Compass Mining, which was founded in 2020, also maintains data centres that house servers owned by their customers. According to Gibbs, the company benefitted tremendously from China’s Bitcoin miner migration last year and plans to expand its business by adding 3,500 to 5,000 megawatts of power within the next two years.

    The move follows the US Treasury’s recent decision to blacklist Russian crypto mining business BitRiver. The Treasury stated in a statement that it is targeting Russia’s virtual currency mining business to guarantee that “no asset, no matter how complicated, provides a vehicle for the [Vladimir] Putin regime to negate the impact of sanctions.”

    However, BitRiver founder and CEO Igor Runets stated that the penalties are an attempt by the United States to “alter the global balance of power in favour of American enterprises.”

    Runets went on to say that the business “has never offered services to Russian government entities and has not dealt with customers that are already sanctioned by Washington.”

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