BitRiver, Russia’s largest bitcoin mining operator, has entered formal insolvency proceedings after a Russian arbitration court accepted creditor claims linked to unpaid debts.
The case marks one of the most significant financial failures in the country’s crypto mining industry and highlights the pressure facing energy-intensive operators as costs rise and access to capital tightens.
The court moved to open bankruptcy proceedings after reviewing multiple claims from creditors tied to unpaid service fees, power supply contracts, and data centre operations.
According to reports from Russian business daily Kommersant, creditors argued that repeated payment delays had left them with few options to recover outstanding balances.
After…