US crypto-mining company sells gear stuck in Russia to avoid sanction

An American crypto-mining company is selling off mining rigs is Russia as US sanctions loom against those operating in the country. — Bloomberg

An American crypto-mining company is trying to quickly liquidate US$30 mil (129.75mil) of equipment in Siberia after the US sanctioned a rival over its Russian operations.

Compass Mining Inc. is seeking buyers in Russia for mining servers with 12 megawatts of capacity that can’t be moved out of the country, said Chief Executive Officer Whit Gibbs. He expects to recover most of the value for the equipment, and will distribute the proceeds to about 2,000 clients that own the gear.