Armenia set to host 50 MW cryptocurrency mining farm

Photo:  Sputnik/ Vladimir Astapkovich


Armenia will soon be home to a large mining farm, involving a data center technically equipped for mining Bitcoins (Bitcoin) as well as other digital currencies, Sputnik reported.

A report by ECOS-M, the mining equipment distributor, said the mining center is now under construction and is due to be launched in April.

According to the report, it is first projected to have 50 MW capacity, potentially reaching 200 MW, which is to be supplied by the Hrazdan thermal power plant.

The Armenian Blockchain Forum reported earlier that the country was planning to come up with a free economic zone to host a top-notch technology center – the republic’s “Silicon Valley”.

ABF said the newly created cluster would aim to set up and regulate the infrastructure for Armenia to develop blockchain, and AI-based hi-tech projects as well as those connected with computer-assisted learning.

The first half of 2018 will see the construction of an international accelerator which will serve as a platform for the launch and development of innovative international projects, based on blockchain technology.

The estimates by ABF suggest the prospective ecosystem will create 250-300 well-paid jobs and attract as much as 120 million dollars of investment.

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