Who owns the machines? What does the legal framework look like?

Owning and operating mining equipment in Russia is complicated. You need to register as a Russian taxpayer, do your own bookkeeping and file tax reports.  

To rid you of this hassle we have created a Russian company, 

Cyberian Mine Rus LLC, which nominally owns and operates the equipment. As such, it takes care of all legal matters, pays taxes and provides services to external clients. This ensures you don't need to deal with Russian tax authorities. 

It is important to understand that you are buying a hash rate service represented by a mining device. Not the physical machine itself. We invested significant time and resources to build this legal framework. And we did this alongside one of the "Big Four" consulting companies. 

The service of "provision of computing power" (hash rate) comes in two parts:

1. Delivering, installing and setting up the miner (seen as purchase of the miner)

2. Provision of the computing power/hash rate of a certain device (hosting).

Our Russian company provides the service so there is no reimbursable European VAT.

Each mining unit has an underlying piece of hardware with a specific serial number. But what you "buy" is more than a machine. You buy the right to receive (and our obligation to provide) a stable hash rate service for mining. Cover for all repairs, maintenance and compensation for downtime is included. Anytime you like, you can sell this contract on our internal marketplace.