BitRiver, Russia’s largest Bitcoin miner, controlling over 50% of the nation’s mining market, is spiraling toward bankruptcy after a court instituted observation proceedings against its parent company. The Sverdlovsk Regional Arbitration Court ruled on January 27 to begin monitoring Fox Group of Companies LLC, which owns 98% of Bitriver Management Company, following a $9.2 million debt claim from En+ subsidiary Infrastructure of Siberia. The crisis marks a dramatic reversal for a company that generated ...