Armenia has opened one of the world's largest cryptocurrency mining centers, jointly built by the Armenian holding company Multi Group Concern and the Swedish leader in the crypto mining industry Omnia Tech Limited.
The recently launched first mining farm, which initially houses 3,000 Bitcoin (BTC) and Ethereum (ETH) mining rigs, is considered the largest in the country, and according to investors, possibly one of the largest in the world. In the near future, the company intends to add another 9,000 installations for the production of crypto assets. It is reported that the data center will be allocated 50 MW from the thermal power plant, and in the near future it is planned to increase energy reserves to 200 MW.
To date, the entire project is estimated at $50 million and is designed to make Armenia visible on the global crypto mining map.
Information about the project was first published in April by Robert Welge, who said that the company is creating one of the world's largest crypto mining farms in collaboration with Multi Group Concern. As a local partner, Multi Group Concern took responsibility for providing infrastructure and technical support.
The implementation of such a large-scale crypto mining project is quite a serious event for the country. The opening ceremony in the capital of Armenia was attended by Prime Minister Nikol Pashinyan and founder of Multi Group Concern Gagik Tsarukyan. Business representatives from nearly 40 countries had the opportunity to meet with government officials to discuss opportunities for investing in the development of the country's information technology sector.
The presence of the country's Prime Minister at this event once again emphasized the government's readiness to attract global crypto business to the fertile soils of Armenia.
Eurasian countries are slowly but successfully moving towards developing the mining business due to the abundance of natural resources for energy farms. Over the past year, neighboring Georgia has become one of the largest players in the field of crypto mining in the region, the development of blockchain projects and hosting international summits.
Meanwhile, Armenia is far from behind, and has recently been considering the possibility of creating a free economic zone to facilitate international blockchain projects.
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