A $50 Million cryptocurrency mining farm opens in Armenia
On October 18th a new cryptocurrency mining facility opened in Armenia and according to the reports from a local media, the new $50 million mining farm would mine for Bitcoin and Ethereum using 3,000 mining machines. Around 120,000 more mining machines would be added to the farm in the coming months.
Multi Group Concern, an Armenian real estate investment company, and Omnia Tech an International Company registered in Malta launched its mining project on Thursday called the company Armenian capital of Yerevan. As per the reports from Arka News, Nikol Pashinyan the country’s Prime Minister was present at the opening ceremony along with businessmen and entrepreneurs South Korea, United Arab Emirates, and China.
Gagik Tsarukyan, the founder of Multi Group who is also an Armenian politician and businessman stated that the company spent $50 million in creating the mining farm which included industrial grade cooling systems. The facility would have an information technology business center on the first floor which would be open around the clock.
Omnia Tech, a mining entity which offers daily payouts and lifetime contracts would be operating the facility, according to Sedrak Arustamyan the chief executive of Multi Group.
Sedrak Arustamyan sated that it would help Omnia Tech to establish a Financial Technology Park with a data exchange center in Armenia. Multi group and Omnia tech are looking to invest more than $2 billion in the near future for cryptocurrency mining projects.
The country is looking to create its own silicon valley with a state-of-the-art technology center in a free economic zone, according to officials.