Armenia Now Has Its First Cryptocurrency Mining Farm
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Armenia Now Has Its First Cryptocurrency Mining Farm

Armenia has become the latest country to have a working Crypto mining farm after officially opening the facility on Thursday in Yerevan. Senior Armenian government officials, entrepreneurs, and business people from UAE, China, and South Korea graced the event. The $50 million plant will have 3,000 machines to be used in the mining of Ethereum and Bitcoin.

Two Companies From Two Different Countries Open A Crypto Farm In Armenia

mining

A new Cryptocurrency mining farm with 3,000 mining machines has been opened in Armenia. The farm will mine Bitcoin and Ethereum. Multi Group Concern, a locally based real estate investment firm collaborated with a Malta-licensed business called Omnia Tech International Company in this project. The facility is located in Yerevan. The mining farm was opened officially on Thursday in an event that was attended by Nikol Pashinyan, the country’s Prime Minister.

Armenia has lagged behind some countries in Europe that have already opened such facilities. Nevertheless, the recent move is commendable and is expected to put the country on the Cryptocurrency map. Apart from creating employment for the locals, the plant will also act as a source of revenue to the government through taxation.

$50 Million Invested In The Project

It has been confirmed that the new mining facility in Armenia has spent $50 million. Gagil Tsarukyan has said that during the planning of this project, they established that the entire project would require this amount. The Armenian politician and entrepreneur also said that these costs include installing all the required machines included the cooling systems.

Tsarukyan, who is the head and founder of Multi Group added that one floor will be used to provide the required services in the facility round the clock. Previously, it had been said that Omnia Tech would be in charge of paying daily payouts and issuing lifetime contracts. Although there is little information available about Omnia Tech, some reports claim that the firm works closely with a Cryptocurrency power supplier called Genesis Mining.

During the launching of this project, no details were given on who will invest and the amount involved. However, Omnia’s Tech founder had said in previous interviews that two major firms will invest over $2 billion in this project. If this is the actual amount that will be invested, it demonstrates the seriousness of the government in this project.

Foreign Companies Attend The Opening Of The Project

During the official opening ceremony, entrepreneurs and business people from the UAE, China, and South Korea were present. These countries have handled Cryptocurrency for long and Armenia has a lot to learn from them. Furthermore, the South Korean Crypto market is both large and well established and investors from the country may look for opportunities in this project.

Recently, Armenia has shown an interest in getting into Cryptocurrencies. The government has already announced plans to open their Silicon Valley. The establishment of high-end technology centers and free economic zones is expected to help the country achieve this vision. Cryptocurrency mining has provided a way for different countries around the world to use blockchain technology.

October 22, 2018

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Samantha Mitchell


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