BitRiver Intelion Report Combined $200 Million Revenue 2024

BitRiver and Intelion, the two largest crypto mining firms in Russia, reported a combined revenue of $200 million for the fiscal year 2024. This significant achievement highlights the growing dominance of these companies in the Russian crypto mining sector, which has seen substantial growth in recent years. The data, compiled from the latest public declarations of the country’s top 10 crypto miners, reveals that BitRiver and Intelion together control over 50% of the market share.

BitRiver, one of the leading players, generated revenue of RUB 10.286 billion (approximately $129 million) in 2024. The company operates more than 175,000 crypto mining rigs across 15 data centers, utilizing 533 MW of electrical power. BitRiver’s data centers are strategically located in regions such as Irkutsk Oblast, Krasnoyarsk, Orenburg, Tuva, Buryatia, Khanty-Mansiysk Autonomous Okrug, and the Yamalo-Nenets Autonomous Okrug. The firm is also exploring alternative power solutions, with over 30 MW of its capacity coming from associated gas extracted at oil drilling sites fitted with turbine generators.

Intelion, the other major player, reported total revenues of RUB 6.218 billion ($78 million) for the fiscal year 2024, using 298 MW of energy. Intelion’s data centers are located in various regions, including Tula, Nizhny Novgorod, Kemerovo, Samara, and Murmansk, as well as the Republic of Khakassia. The company has partnered with nuclear power providers such as Rosenergoatom and operates a center near the Kalinin Nuclear Power plant in Tver. Intelion is also expanding its gas generation operations and is working on providing crypto mining hardware for industrial enterprises with idle power capacities.

Intelion’s growth rate was particularly notable, with the firm increasing its revenues by RUB 3,948 million ($50,000) compared to 2023 figures. This significant increase underscores the company’s strategic initiatives and operational efficiencies. The data also reveals that nine out of the top 10 Russian industrial crypto miners posted positive revenue growth in 2024, with Intelion leading in this category.

Several smaller firms also saw substantial revenue growth in the past financial year. Promminer, for instance, reported revenues of RUB 4.761 billion ($59.8 million) and a capacity of 90 MW. Unlike the larger players, Promminer specializes in mobile data centers, which can be relocated as needed. The firm has attracted interest from banks and leasing companies for financing its activities and recently brought a new data center online in the city of Voronezh.

Other notable players in the top 10 include Location (80 MW), R7miner (33 MW), Stella (120 MW), Mining Cluster (70 MW), CryptoReactor (75 MW), GIS Mining (53 MW), and BitCluster (80 MW). GIS Mining, in particular, is developing crypto mining infrastructure in Ethiopia and Paraguay, showcasing the global ambitions of some Russian crypto mining firms.

Sergey Bezdelov, the Director of the Industrial Mining Association, highlighted Russia’s prominence in the global crypto mining landscape, noting that the country ranks second in the world in terms of mining volume and first in terms of growth rates. This analysis underscores the strategic importance of the crypto mining sector in Russia’s economic development and its potential for future growth.