BitRiver faces bankruptcy as founder accused of tax evasion
Russia«s largest mining operator, BitRiver, could be declared bankrupt, reports Kommersant. According to the publication, the company »Infrastructure of Siberia«, part of En+, has demanded the introduction of observation procedures for BitRiver, and negotiations are underway for a change in ownership. Earlier, information emerged that the company»s owner, Igor Runets, has become a figure in a tax evasion case.
The Arbitration Court of Sverdlovsk Region has granted En+«s application. BitRiver»s debt, according to Kommersant, amounts to $9.2 million (about 700 million rubles).
In «Infrastructure of Siberia», they explained to the publication that they concluded a contract with GC «Fox», which owns 98% of BitRiver, for the supply of equipment and made an advance payment, but the equipment did not arrive, leading to the contract being terminated, and the company went to court demanding the return of the advance and collection of penalties for delay. The Arbitration Court of Irkutsk Region in April 2025 fully satisfied the claims.
«But during the enforcement proceedings against GC »Fox«, no property sufficient to satisfy the claims was found, so a bankruptcy application was filed,» the publication stated.
The defendant«s accounts were seized.
According to a Kommersant source, BitRiver won tenders from En+ structures in 2023 and 2024 for the supply of mining equipment totaling about 2 billion rubles (approximately $26 million at current rates) with a price offer significantly below market.
Due to non-payment of electricity bills, BitRiver has also had conflicts with energy companies.
BitRiver is considered the largest operator of mining activity in Russia. It owns 15 data centers with a total capacity of over 533 megawatts. These sites host more than 175,000 units of equipment. In Irkutsk Region, the company owns two large data centers — in Bratsk and Ust-Ilimsk.
According to open data, in 2024, BitRiver«s revenue exceeded 10 billion rubles (approximately $131 million at current rates). As Bloomberg wrote, the fortune of Igor Runets himself, as of September 2024, was $230 million. Meanwhile, the group of companies »Fox«, which is linked to BitRiver, is currently in the process of bankruptcy.
In April, the Arbitration Court satisfied the lawsuit of the company «Infrastructure of Siberia», which is part of En+. It was seeking to recover 954.4 million rubles (approximately $12.5 million at current rates) from the group of companies «Fox», which owns 49% of «UK BitRiver». As part of the case, a seizure was imposed on the money and equipment of the defendant pledged in favor of the plaintiff. The court also prohibited GC «Fox» from using the pledged equipment, citing risks of damage.
Later, in the same 2025, another firm related to En+ — «Bit+» — sued BitRiver. It managed to recover 250 million rubles (approximately $3.3 million at current rates) from Igor Runets« structures. The details of the lawsuit were not reported at the time.
