Crypto miners from abroad have largely stuck around in Russia even as the war in Ukraine and resulting international sanctions drove other foreign businesses out. baidakova explains why.
, noted Tatiana Yakim, the chief financial officer of Summit Mining, an Ireland-based mining company working mostly with customers in France.Summit Mining’s business essentially started in Russia, Yakim told CoinDesk, when founder Mathieu Vincent asked her to help set up his mining equipment there in 2019. Now, Summit has hardware in the U.S.
“It’s not clear how far the sanctions will go,” Yakim said. “If something goes wrong, it’s not clear how to get money out of Russia and back to our European company.” Now, Summit only considers expansion into the U.S. and Canada, Yakim added. “If you’re a new miner in Europe and are trying to send money to Russia for the first time, your bank would ask questions [about] why you suddenly started doing business with Russia,” she said.
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