A cryptocurrency mining farm has started in Armenia on October 18. Using 3,000 machines there will be strong Bitcoin and Ethereum mining for the $50 million farms. Further 120,000 miners are anticipated to be added in the coming months. The nation’s initial mining project, launched in the Armenian capital of Yerevan, is headed by Armenian real estate investment company called Multi Group Concern and Malta-registered Omnia Tech International Company.
The opening ceremony was attended by the country’s Prime Minister Nikol Pashinyan as well as businessmen from China, South Korea and the United Arab Emirates. According to Armenian entrepreneur and head of Multi Group, Gagik Tsarukyan stated that at the ceremony that $50 million had been invested into the farm. The first floor of the farm is made for an IT business center with around the clock operating services.
On the other hand, Sedrak Arustamyan stated that it would aid Omnia Tech to create a Financial Technology Park with a data exchange center in Armenia. Multi-group and Omnia Tech are considering to invest more than $2 billion in the near future for Ethereum mining projects. Presently, the country is looking to make its own silicon valley with a state-of-the-art technology center in a free economic zone, according to the news stated in Bittmint.
In August 2018, Russian company Kriptoyunivers had announced that it had converted a former fertilizer laboratory into an Ethereum mining operation. The center, which chains the mining of Bitcoin and Litecoin, was constructed over 4,000 square meters of land in the town of Kirshi near St. Petersburg, where a total of 500 million rubles ($7.4 million) were invested. Though Moscow has broken the lash on unlawful efforts at cryptocurrency mining, as stated in Bitcoin news, Russia is still the third largest cryptocurrency maker in the world after China and the United States.
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