Binance Pool Set to Scale Hashrate in Russia as Physical Node Gets Added by BitRiver
BitRiver, one of the leading BTC mining hosting provider, has added a Binance physical node to its data center based in Bratsk, Russia.
The move will see Binance increase its hashrate power in the Central Asia region and Russia as the CZ led exchange looks to scale its footprint in crypto mining activities. This comes after Binance launched its mining pool in April, and has since achieved a 7,000 PH/s BTC hash, making it the eighth largest Bitcoin mining pool as of press date.
The move will benefit both Binance and BitRiver in terms of business growth as more mining activity is diversified away from China. Notably, its BTC hashrate dominance has dropped to 71% compared to 75% back in 2019 Q3.
Meanwhile, Russia's hashrate has risen to 6.08%, an improvement from the 5.93% back in September 2019. Now that Binance has integrated with the Commonwealth of Independent States (CIS) based crypto mining service provider, the shift might happen sooner than expected.
Binance's Director in Russia, Gleb Kostaev, acknowledged the potential in collaborating with BitRiver:
“Bitriver is one of the largest data centers in Russia and CIS, and we highly appreciate that the Company tested and evaluated our range of services for cryptocurrency miners. Binance and BitRiver's collaboration allows strengthening the level of services and expanding access to our customers”.
BitRiver also stands to gain from the new partnership with Binance. For example, its clients will have exposure to Binance's wide range of crypto products, including advanced tools such as derivatives and futures. BitRiver's CEO, Igor Runets, further added that the exchange's competitive fee structure would come in handy to its institutional-scale miners,
“Binance Pool offers a highly competitive fee structure to institutional-scale miners, who are the customers of our data center. By having Binance Pool's node in our data center, our customers from across the globe can now enjoy a more reliable and higher quality connection from Binance Pool.”