On October 18, a new cryptocurrency mining facility was opened in Armenia. The new crypto farm will be powered with 3,000 computers to mine two of the most popular cryptos – bitcoin and ethereum.
Within the next upcoming months, the mining capacity is to be empowered with estimatedly 120,000 more miners.
The project was officially launched on Thursday at the capital of Armenia, Yerevan, and it is initiated by Armenian company Multi Group Concern, providing real estate investments, together with Omnia Tech, which is a Swedish company registered in the blockchain paradise island – Malta.
According to the Ark News Agency, the launch event had a great variety of attendees, including the Prime Minister of Armenia, Nikol Pashinyan, and entrepreneurs and businessmen from United Arab Emirates, China and South Korea, to name a few.
The Chief Executive of Multi Group, Sedrak Arustamyan stated earlier, that Omnia Tech, which is known as a mining entity offering daily payouts and lifetime contracts – will be in charge of the operation in the farm.
“We intend to create here a blockchain-based center for the development of new information projects, which will turn Armenia into a high-tech platform,” he added.
The founder and head of Multi Group, Gagik Tsarukyan said that the company spent approximately $50 million for the creation of the mining facility and the installation of the cooling systems, which has to be standard for the industrial level of processing. Tsarukyan, who is also well known as an Armenian politician and businessman, added, that the first floor of the farm is designed for a center of information technology business, that runs non-stop around the clock.
Armenia is claiming to push its image on the worldwide map of blockchain hubs, by creating its own version of Silicon Valley. According to the officials, that would be a free economic area, hosting a center of the state-of-the-art technology. The new mining farm will be the first ever existing facility in the country.
Author: Sarah Tuuli