The two major encryption mining companies in Russia, BitRiver and Intelion, are expected to merge revenues of 200 million dollars in the fiscal year 2024.

According to Cryptonews, the latest data compiled by Russian media RBC shows that Russia's cryptocurrency mining industry continues to grow, with the country's two largest crypto miners - BitRiver and Intelion - earning $200 million in fiscal year 2024, with both accounting for more than 50% of the market share.

BitRiver's revenue for 2024 is 10.286 billion rubles (over 129 million USD). The company has used 533 megawatts of power across 15 data centers.

BitRiver operates over 175,000 crypto mining machines and provides hosting and support services for B2B clients. The company continues to operate its center in Irkutsk, which is Russia's first Bitcoin mining center. In recent months, mining activities in Irkutsk have put significant pressure on the Siberian power grid.

BitRiver also has centers in Krasnoyarsk, Orenburg, Tuva, Buryatia, Khanty-Mansi Autonomous Okrug, and Yamalo-Nenets Autonomous Okrug.

In addition, BitRiver is looking for alternatives to traditional grid solutions. Currently, the company has over 30 megawatts of generating capacity from associated gas extracted at oil drilling sites equipped with turbine generators.

At the same time, Intelion's total revenue for the 2024 fiscal year was 6.218 billion rubles (78 million USD), using 298 megawatts of electricity. Many of the company's centers are built outside of typical Bitcoin mining centers, distributed in Tula, Nizhny Novgorod, Kemerovo, Samara, Murmansk region, and the Republic of Khakassia.

Intelion has also partnered with the Russian nuclear energy supplier Rosenergoatom and established a center near the Tver Kalinin Nuclear Power Plant.

The company has also expanded its natural gas production business and is currently working to provide crypto mining machines to industrial enterprises with idle power capacity.

In the last fiscal year, some smaller companies also achieved a rise in revenue. The most notable among them is Promminer, ranked third, with a revenue of 4.761 billion rubles (59.8 million USD) and an electricity capacity of 90 megawatts.

Unlike the "two giants", Promminer focuses on mobile data centers that can be relocated across the country as needed. RBC pointed out that banks and leasing companies have expressed their intention to provide financing for the company's operations.

Other shortlisted top ten crypto mining companies 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).