Armenia Opened One Of World’s Largest Mining Farms

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A new mining farm, claiming to be amongst the largest in the world, has been opened in the Armenian capital Yerevan, as reported by the News Armenia platform.

The Armenian Prime Minister, alongside other top officials, was present at the October 18th opening ceremony.

According to reports, the mining farm is a result of over $50 million invested and boasts 3000 Bitcoin (BTC) and Ethereum (ETH) mining machines. The future goal is a total capacity of 120,000 units.

The mining farm is a joint venture by Omnia Tech mining firm and Multi Group, a company founded by Gagik Tsarukyan. Tsarukyan is an Armenian businessman and politician, founder of the second largest parliamentary block – Tsaryukan Alliance.

According to Tsarukyan, guests “from almost forty countries,” attended the opening ceremony.

“This is an important step towards the development of the information technology sector, especially since representatives of foreign business circles are planning to meet with government members to find out the possibilities of new and more ambitious investments in the Armenian economy and expanding the base of cooperation.” – Tsarukyan said.

Controversy

Omnia Tech claims to be the “owner of equipment used in farms” belonging to Genesis Mining cloud mining company. News Armenia also reported that “Omnia provides Genesis with mining equipment and finances its servicing.”.

This goes against Genesis’ statement that Omnia was simply a client and it only purchased hashpower from Genesis Mining, without any official partnership.

 

Images courtesy of Shutterstock.com

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