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2 Feb 2026, 13:27

Russia’s Largest Bitcoin Miner BitRiver Faces Bankruptcy Crisis – What Went Wrong?

BitRiver, Russia’s largest Bitcoin miner, controlling over 50% of the nation’s mining market , is spiraling toward bankruptcy after a court instituted observation proceedings against its parent company. The Sverdlovsk Regional Arbitration Court ruled on January 27 to begin monitoring Fox Group of Companies LLC, which owns 98% of Bitriver Management Company, following a $9.2 million debt claim from En+ subsidiary Infrastructure of Siberia. The crisis marks a dramatic reversal for a company that generated over $129 million in revenue last year and operated 533 MW of electrical power across 15 data centers with more than 175,000 mining rigs. BREAKING: RUSSIA'S BIGGEST BITCOIN MINER FACES BANKRUPTCY – POSSIBLE SELL OFF? BitRiver, Russia's largest $BTC mining operator, is facing bankruptcy, per Kommersant. The insolvency proceedings were triggered by unpaid debts of more than $9 million. Accounts have been frozen… https://t.co/89thhNcl9V pic.twitter.com/cEWzTQoakF — BSCN (@BSCNews) February 2, 2026 Equipment Deal Went Wrong For BitRiver Infrastructure Siberia filed the bankruptcy petition after BitRiver failed to deliver mining equipment despite receiving an advance payment exceeding 700 million rubles ($9.15 million). The company signed an equipment supply contract with Fox Group, but the hardware never arrived, leading to the contract’s termination. Infrastructure Siberia filed a lawsuit demanding a refund of the advance payment plus penalties for late payment. In April 2025, the Arbitration Court of the Irkutsk Region upheld the claim in full. However, BitRiver’s owner and CEO, Igor Runets, disputes the allegations. According to Forklog , Runets asserts that the equipment was delivered, and GC “Fox” is appealing the court’s decision. “Today they are operating normally, but the shutdowns in December caused significant losses to several group companies, including ‘BitRiver Rus’ and ‘Stroyservice Plus,’ which we also plan to recover from En+ through legal proceedings,” Runets stated. Despite Runets’ claims, enforcement proceedings against Fox Group uncovered no assets sufficient to cover the court-ordered claims, prompting the bankruptcy filing. As part of legal disputes between En+ structures and BitRiver companies, the defendants’ accounts were frozen, a move lawyers warned could paralyze the entire business operation. Mining Bans and Energy Disputes Compound Problems BitRiver’s troubles extend far beyond the En+ debt. Sites located in the Irkutsk region are no longer operational following the introduction of a mining ban in the region’s south. A 100 MW data center in Buryatia was never commissioned, and a year-round mining ban will take effect in the region starting in 2026. BitRiver data center equipment in Buryatia . | Source: Tadviser In February 2025, law enforcement shut down a 40 MW site in Ingushetia that had been operating despite the ban in effect since early 2025. The company also faces mounting conflicts with energy suppliers over unpaid electricity bills. Since August 1, 2025, the Faraday Group’s energy sales company lost its right to participate in electricity and capacity trading and its wholesale market participant status. Courts are considering claims seeking 133 million rubles ($1.74 million) in penalties from En+ Sbyt and 640 million rubles ($8.37 million) from the Irkutsk Electric Grid Company for late payment under energy supply contracts. BitRiver CEO Detained as Empire Crumbles Amid the unfolding crisis, BitRiver founder and CEO Igor Runets was recently detained by Russian authorities and charged with multiple counts of tax evasion. Runets was charged with three counts related to the alleged concealment of assets to evade taxes. BitRiver founder and CEO Igor Runets has been detained in Russia and placed under house arrest on multiple tax evasion charges. #Bitriver #Bitcoin https://t.co/kauFfMaDwu — Cryptonews.com (@cryptonews) February 2, 2026 The court ordered Runets placed under house arrest, with his legal team given until Wednesday to appeal the ruling. Runets and BitRiver have faced pressure in recent years. The company was sanctioned by the US Treasury Department in mid-2022 over its ties to Russia following the invasion of Ukraine, restricting access to Western markets and partners. In 2023, Japanese financial group SBI exited its relationship with BitRiver as it withdrew from Russia. Despite BitRiver’s collapse, demand for mining infrastructure in Russia continues to surge. According to the System Operator, the capacity of miners and data centers connected to the grid increased 33% in 2025 , reaching 4 GW. Source: Modor Intelligence By 2031, the annual growth rate of the data center market in Russia could reach 14.41%, according to projections. The post Russia’s Largest Bitcoin Miner BitRiver Faces Bankruptcy Crisis – What Went Wrong? appeared first on Cryptonews .

2 Feb 2026, 12:22

Crypto markets set XRP price for February 2026

As the price of XRP continues to face volatility, c ryptocurrency prediction markets suggest that the token is likely to remain below the crucial $2 level by the end of February. Indeed, XRP has been weighed down by the broader market correction, with some analysts warning that the asset could potentially crash to $1 if key support zones fail to hold. As of press time, XRP was trading at $1.61, having plunged by over 2% in the past 24 hours, while on the weekly timeframe, the digital asset remains in the red by nearly 15%. XRP seven-day price chart. Source: Finbold Regarding the price outlook, insights from the cryptocurrency prediction platform Polymarket are weighing several scenarios for the asset. XRP price prediction Data from Polymarket’s betting pools on XRP’s February price targets, retrieved on February 2, offer a cautiously optimistic outlook centered on moderate gains. The highest implied probability, at 53%, is assigned to XRP reaching or exceeding $1.80, suggesting bettors view this as the most probable peak or closing level for the month. Close behind is a 48% chance of surpassing $1.40, indicating strong confidence in avoiding severe declines while anticipating some upward momentum from current levels. Higher ambitions appear more tempered, with only 27% odds of topping $2 and slimmer chances for loftier thresholds, such as 11% for $2.20 and 6% for $2.40. On the downside, the market assigns minimal weight to sharp declines, with just a 6% probability of dipping below $1 and even lower odds for sub-$0.80 levels. XRP price prediction. Source: Polymarket XRP ideal February price This distribution points to a consensus that XRP will likely stabilize or climb modestly by month’s end, with the bulk of trading activity concentrated around mid-range outcomes such as $1.80, reflecting a balanced outlook amid ongoing corrections. Beyond prediction markets, historical data adds a note of caution, showing February as a typically weak month for XRP, with median returns of around -8%, potentially pushing prices toward $1.45 or even $1.24 if bearish trends persist. However, bullish catalysts remain in play, including ETF inflows surpassing $1.3 billion year to date and Ripple’s ongoing developments in cross-border payments, which could support a rebound. Featured image via Shutterstock The post Crypto markets set XRP price for February 2026 appeared first on Finbold .

2 Feb 2026, 10:36

Renewed Ethereum DAO receives Tornado Cash funds

The newly relaunched Ethereum DAO was funded through TornadoCash, once again pointing to Ethereum’s mission of privacy. The DAO will have a $220M reserve dedicated to funding security research. The reserves for the new Ethereum DAO will go through Tornado Cash, meaning all subsequent transactions will be tainted. The main goal is to ensure that private transactions are still accepted as the norm, rather than a sign of hacking. One of the new DAO’s co-founders, Griff Green, announced the deposit of the intended 69,420 ETH into the Beacon Contract. Green also set up the stake through his griff.eth vanity address. . @thedaofund ‘s 69,420 ETH is Staking for Security. https://t.co/5kEKRmo0V5 — griff.eth – $GIV Maxi (@griffgreen) February 1, 2026 The wallet tagged as deploying the funds of the DAO was initially funded by Tornado Cash, carrying an Etherscan tag . For now, regulations on using funds tainted by Tornado Cash are variable, and exchanges do not necessarily screen for previous mixing. However, linking the Ethereum DAO with Tornado Cash officially is yet another statement in favor of privacy. Previously, Ethereum supporters have proposed the creation of private validator pools, which cannot be linked to a depositor address. DAO funds have to wait for more than 70 days The potential passive income for the DAO may be delayed, as the funds first need to be accepted into the Beacon Chain contract. Due to increased demand for deposits, the DAO reserves may have to wait for over 70 days. The DAO funds will be held in the queue for over 70 days before producing passive income. | Source: Validator Queue . The validator queue holds over 4M ETH waiting to be deposited to the contract, with almost no waiting for withdrawals. The waiting time accelerated to an all-time high and is now close to 71 days. The DAO will hold the funds for a potential passive income, which will be used for grants and research. The DAO will be part of the new spending schedule for the Ethereum Foundation, which aims to spend its reserves more conservatively in the coming years. Tornado Cash spread across Ethereum Tornado Cash has received warnings for carrying traffic from DPRK exploits and hacks. However, the mixer has already spread to a large part of the Ethereum ecosystem, through general usage or even ‘dusting’ from dedicated wallets. The mixer has drawn in traffic from the entire crypto ecosystem, including centralized and decentralized exchanges, routers, and apps. Tornado Cash is becoming a key part of the decentralized Ethereum ecosystem, often receiving transfers from the top DEX. | Source: Tornado Network . Tornado Cash also received a peak amount of ETH and stablecoins , bringing its total value locked to an all-time high. The mixer contains over 361K ETH, while activity is recovering to levels not seen since 2021. The past year showed a gradual recovery of Tornado Cash from its low baseline activity. The mixer drew in traffic from decentralized exchanges for an additional layer of privacy. Vitalik Buterin has spoken in favor of veiled transactions as a source of security and not exposing whales or prominent traders. Join a premium crypto trading community free for 30 days - normally $100/mo.

2 Feb 2026, 10:25

BitRiver Bankruptcy: Russia’s Largest Bitcoin Miner Collapses Amid $9.2 Million Energy Debt Crisis

BitcoinWorld BitRiver Bankruptcy: Russia’s Largest Bitcoin Miner Collapses Amid $9.2 Million Energy Debt Crisis MOSCOW, RUSSIA – In a stunning development shaking the global cryptocurrency sector, Russia’s premier Bitcoin mining operation, BitRiver, now teeters on the brink of financial collapse. Consequently, this potential bankruptcy follows a formal petition filed by major energy supplier En+, which claims the mining giant defaulted on a substantial 700 million ruble ($9.2 million) advance and penalty fee. Moreover, this crisis highlights the precarious intersection of energy-intensive crypto mining and traditional industrial finance. BitRiver Bankruptcy: Unpacking the Financial Downfall Local financial newspaper Kommersant first broke the news, reporting that En+ Group, a leading global aluminum and power producer, initiated the bankruptcy proceedings. Subsequently, a preliminary analysis revealed a critical lack of recoverable assets within BitRiver, complicating any straightforward debt recovery. Therefore, negotiations have urgently commenced among the company’s investors and various creditors to orchestrate a transfer of ownership, aiming to salvage operations. This situation underscores a fundamental vulnerability for mining firms: their massive, fixed operational costs tied directly to energy prices and infrastructure. BitRiver established itself as Russia’s dominant force in Bitcoin mining, leveraging the country’s cold climate and historically low energy costs. The company operated massive data centers, primarily in Siberia, where it capitalized on affordable electricity from hydroelectric power. However, the global energy market volatility, coupled with increasing regulatory scrutiny and the recent Bitcoin halving event squeezing miner revenues, created a perfect storm. For instance, the 2024 halving cut block rewards in half, directly impacting the primary income stream for all mining operations. The Russian Cryptocurrency Mining Landscape in Crisis This potential collapse sends shockwaves through Russia’s burgeoning crypto mining industry, which the government had begun to formally recognize and regulate. In 2024, Russia passed legislation to tax and oversee industrial cryptocurrency mining, aiming to capitalize on the sector. BitRiver’s downfall, therefore, represents a significant setback for these national ambitions. Furthermore, it exposes the sector’s dependency on favorable relationships with state-linked energy monopolies and stable macroeconomic conditions. Expert Analysis: A Symptom of Systemic Stress Industry analysts point to several converging factors. “This is not an isolated incident,” explains a financial technology researcher specializing in CIS markets. “It reflects systemic stress. Mining profitability hinges on three pillars: Bitcoin’s price, network difficulty, and energy costs. Recent pressures on all fronts have pushed leveraged operators to the edge.” Indeed, while Bitcoin’s price has seen volatility, operational costs have remained high or increased. The table below outlines the core pressures facing industrial miners like BitRiver: Pressure Factor Impact on Mining Bitcoin Halving (April 2024) Reduced block reward from 6.25 to 3.125 BTC, slashing revenue. Rising Global Energy Prices Increased the single largest operational cost for mining farms. Increased Network Difficulty Requires more computational power (and energy) to earn the same reward. Regulatory Uncertainty Creates planning challenges and potential compliance costs. Additionally, the specific debt to En+ is telling. En+ is a major player in Russia’s energy sector, controlling power plants. This relationship highlights how crypto mining’s growth is deeply entangled with traditional energy infrastructure. A default to such a powerful entity suggests severe cash flow issues, possibly exacerbated by: Over-expansion during bullish market cycles. Inadequate hedging against energy price fluctuations. High financial leverage used to fund expensive ASIC hardware. Global Repercussions and the Future of Industrial Mining The ramifications extend beyond Russia’s borders. The global Bitcoin network hash rate could see a noticeable shift if BitRiver’s substantial computing power goes offline permanently. This event may advantage miners in other regions with more stable energy contracts. It also serves as a stark case study for investors and operators worldwide, emphasizing the critical importance of robust financial management and low, fixed-cost energy agreements in this capital-intensive industry. Looking forward, the outcome of the creditor negotiations will be closely watched. A successful transfer of ownership could keep the mining facilities operational, preserving jobs and infrastructure. Conversely, a full liquidation would lead to a fire sale of advanced mining hardware, potentially depressing prices in the secondary equipment market. This scenario would also create an opportunity for well-capitalized competitors, both domestic and international, to acquire assets at a discount and expand their market share. The Path Forward for Russia’s Crypto Ambitions For the Russian government, this crisis presents a dilemma. On one hand, it may prompt stricter financial oversight of the mining industry. On the other, it could accelerate discussions about state-backed support or clearer regulations to prevent the loss of a strategically valuable sector. Russia’s vast energy resources and cool climate remain ideal for mining, suggesting the industry will persist, albeit potentially under a new, more conservative model. Conclusion The impending BitRiver bankruptcy marks a pivotal moment for cryptocurrency mining, illustrating the harsh financial realities beneath the industry’s technological facade. This event underscores that even the largest players are not immune to the trifecta of energy cost volatility, reduced block rewards, and operational leverage. As negotiations continue, the fate of Russia’s premier Bitcoin miner will offer critical lessons on resilience, planning, and sustainability in the ever-evolving digital asset ecosystem. Ultimately, this development reinforces that in the high-stakes world of Bitcoin mining, financial endurance is as crucial as computational power. FAQs Q1: What triggered the BitRiver bankruptcy filing? En+, a major Russian energy company, filed a bankruptcy petition against BitRiver over an unpaid debt of 700 million rubles (approximately $9.2 million) related to an advance and penalty fee. Q2: How significant is BitRiver in the global Bitcoin mining industry? BitRiver was the largest Bitcoin mining company in Russia, a country that ranks among the top three globally in terms of total network hash rate. Its potential collapse is a major event for the industry. Q3: What does “no recoverable assets were found” mean? This indicates that preliminary assessments by the court or creditors could not identify sufficient liquid assets (like cash or easily sold property) belonging to BitRiver to cover the outstanding debt, complicating the bankruptcy process. Q4: How might this affect Bitcoin’s network and price? If a large amount of BitRiver’s mining power (hash rate) goes offline, it could temporarily decrease the network’s total computational power. Historically, such events have not had a direct, lasting impact on Bitcoin’s price, which is influenced by broader market factors. Q5: Could this happen to other large mining companies? Yes, other highly leveraged mining operations with high energy costs are vulnerable, especially if Bitcoin’s price declines or energy prices spike. The industry is inherently cyclical and capital-intensive. This post BitRiver Bankruptcy: Russia’s Largest Bitcoin Miner Collapses Amid $9.2 Million Energy Debt Crisis first appeared on BitcoinWorld .

2 Feb 2026, 08:57

SQD Launches Revenue Pools Backed by Enterprise Customer Payments

Zug, Switzerland, December 31st, 2025, Chainwire New model allows SQD holders by locking SQD for the benefit of the network to earn from real customer demand while supporting network capacity SQD Network , the decentralized data infrastructure powering large-scale blockchain applications, today announced the launch of SQD Revenue Pools , a new model designed to support growing enterprise demand using real customer payments. SQD delivers high-performance, blockchain data infrastructure trusted by leading clients and partners worldwide, including Deutsche Telekom and top DeFi protocols such as Morpho and PancakeSwap, which together secure over $8B in Total Value Locked—powering mission-critical platforms with reliable, real-time and historical blockchain data at scale. Revenue Pools are designed to ensure that as customer usage grows, the infrastructure capacity required to support that demand is funded directly by customer payments , rather than relying primarily on issuing new tokens. What Revenue Pools Mean in Simple Terms ● Enterprise customers pay SQD network subscription fees to access blockchain data ● Running that service at scale requires committed network capacity ● SQD holders can temporarily lock their SQD tokens to help support that capacity ● While locked, tokens cannot be sold or moved but remain fully owned by the holder ● When customers pay, a portion of those payments may be shared with participants for locking the SQD for the benefit of the network, paid in stablecoins In short: Real customers pay real money and SQD holders who help support the service for the network may share in the income it generates. Why This Matters for SQD Holders and Participants As blockchain data becomes increasingly critical across trading, payments, analytics, AI, and enterprise systems, the way infrastructure is funded matters. Revenue Pools introduce several important dynamics for the SQD ecosystem: ● Demand-driven token usage , as SQD is locked to support live services ● Reduced circulating supply through temporary locking and automated protocol supply management incl. possible buybacks ● Customer-funded operations , replacing reliance on ongoing token issuance ● A clearer link between real-world usage and network economics Over time, these mechanisms are intended to strengthen the relationship between SQD network usage and the role of the SQD token within the ecosystem. Designed for Stability and Long-Term Growth The Revenue Pool launch begins with limited capacity and will scale progressively as enterprise customer demand grows. Existing network rewards remain broadly stable during the transition. This measured rollout is designed to: ● Avoid disruption to current participants ● Ensure capacity grows in line with real demand ● Support long-term sustainability of the network Leadership Commentary “As more large enterprises rely on SQD for mission-critical data, it’s essential that network capacity is supported by real usage and real payments,” said Dmitry Zhelezov, CTO of SQD Network . “Revenue Pools formalise that link between customer demand, capacity and network economics.” “This is an important step in SQD’s evolution,” added Dan Quirk, Chief Product Officer at SQD . “It allows the token to play a clearer role in supporting real services that customers are actively paying for.” Market Accessibility The SQD token is tradable on a number of major digital asset exchanges, including Coinbase and Binance , providing liquidity and price discovery for market participants. About SQD Network SQD Network is a decentralized data infrastructure protocol providing high-performance indexing and access to blockchain data across more than 200 blockchains . Its global architecture supports data-intensive applications across trading, analytics, AI, payments and enterprise systems, delivering reliable, low-latency access to real-time and historical data. Important notice and disclaimer This publication is provided for informational purposes only and does not constitute an offer, solicitation, or recommendation to acquire, hold, use, or dispose of any crypto-asset within the meaning of any laws, regulations or directives in any jurisdiction. The Revenue Pools is a limited beta initiative and represents an optional participation mechanism operated by independent pool providers. It does not modify the SQD token, does not introduce new token functionality, and does not grant any rights, claims, or guarantees to rewards, returns, income, or value appreciation. Participation in pools, the receipt of any pool-related distributions, and any automated or supply management mechanisms do not constitute a right, claim, or entitlement by SQD holders against Subsquid, Subsquid Labs GmbH, or any affiliated entity, nor do they create any obligation, liability, or commitment on their part. Subsquid does not act as issuer, operator, counterparty, or guarantor of any pool and is solely supporting the technical and organisational rollout of the pool framework. Any references to potential fee-funded distributions, incentives, or supply management measures are purely descriptive, non-binding, and subject to change, suspension, or termination at any time. Such references do not constitute a promise of performance, yield, or economic benefit. Participation is voluntary and subject to applicable terms, conditions, and risks. Nothing in this publication constitutes investment advice, financial advice, legal advice, or tax advice. Prospective participants are solely responsible for conducting their own independent assessment of the technical, legal, regulatory, and economic risks and for ensuring compliance with all applicable laws and regulations in their respective jurisdictions. Contact COO Robert Jung [email protected] The post SQD Launches Revenue Pools Backed by Enterprise Customer Payments appeared first on Times Tabloid .

2 Feb 2026, 06:37

BitRiver Founder and CEO Igor Runets Detained on Tax Evasion Charges

The founder and chief executive of Russian bitcoin mining firm BitRiver, Igor Runets, has been detained by Russian authorities and charged with multiple counts of tax evasion, according to local media reports. Key Takeaways: BitRiver founder and CEO Igor Runets has been detained in Russia and placed under house arrest on multiple tax evasion charges. The case adds to mounting pressure on BitRiver following sanctions, lost partners and operational cutbacks. Once a major beneficiary of Russia’s cheap energy, the firm now faces legal, financial and reputational challenges. Russian outlet RBK reported on Sunday that Runets was detained on Friday and later charged with three counts related to the alleged concealment of assets to evade taxes. Citing court materials, the reports said the charges were formally filed on Saturday by Moscow’s Zamoskvoretsky Court. Court Orders BitRiver CEO Igor Runets Placed Under House Arrest The court reportedly ordered Runets to be placed under house arrest, a decision that took effect the same day. His legal team has until Wednesday to appeal the ruling. If no appeal is filed, or if it is rejected, Runets will remain under house arrest for the duration of the investigation and any subsequent trial proceedings. Cointelegraph has reached out to Runets for comment, but no response had been received at the time of publication. Founded in 2017, BitRiver grew into one of Russia’s largest bitcoin mining operators, running large-scale data centers across Siberia and offering mining infrastructure services to corporate clients. The company expanded rapidly during the crypto mining boom, benefiting from access to relatively cheap energy in the region. In late 2024, Bloomberg estimated Runets’ net worth at roughly $230 million, largely tied to his role in the crypto mining sector. Igor Runets, founder and CEO of Russian Bitcoin miner BitRiver, has reportedly been detained and charged with tax evasion. Documents show he was arrested Jan 30 and placed under house arrest, which will take full effect from Feb 4 unless a successful appeal is filed. #BitRiver ,… pic.twitter.com/zl4waZgF6r — AVOLA (@Avolaofficial) February 2, 2026 BitRiver’s fortunes have been under pressure in recent years. The company was sanctioned by the US Treasury Department in mid-2022 over its ties to Russia following the invasion of Ukraine. The sanctions restricted its access to Western markets and partners. In 2023, Japanese financial group SBI exited its relationship with BitRiver as it withdrew from Russia. According to Kommersant, BitRiver later cut costs, scaled back operations in late 2024 and delayed salary payments to staff. The firm’s difficulties continued into 2025, when electricity provider Infrastructure of Siberia filed two lawsuits alleging BitRiver failed to deliver equipment despite receiving advance payments. BitRiver and Intelion Generate $200M in 2024 As reported, Russia’s industrial crypto mining sector continued to expand in 2024, with the country’s two largest operators, BitRiver and Intelion, generating a combined $200 million in revenue and accounting for more than half of the legal market. BitRiver remained the market leader, reporting revenue of roughly $129 million in 2024 and operating around 175,000 mining rigs across 15 data centers, drawing 533 megawatts of power. The company’s largest footprint remains in Irkutsk Oblast, Russia’s first major bitcoin mining hub, where growing activity has strained the regional power grid, while additional facilities span multiple Siberian and regional locations. BitRiver has also begun diversifying its energy sources, with more than 30 MW now supplied by associated gas from oil production sites. Intelion posted revenue of about $78 million, using 298 MW of power, and recorded the fastest growth among major miners. The post BitRiver Founder and CEO Igor Runets Detained on Tax Evasion Charges appeared first on Cryptonews .