Armenia launches “World’s Biggest Crypto Mining Farm”

Armenia has launched the world’s biggest mining farm with an event that had the Prime Minister in attendance.

The farm is a joint venture between Multi Group, founded by oligarch and politician Gagik Tsarukyan, and a well-known mining farm known as Omnia Tech.

A local news outlet called News Armenia states, “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.”

The reason behind the attendance by the country’s top government officials at the event during the launch is due to the influence of Tsarukyan; who is also the founder of Tsarukyan Alliance, which has the second largest share of the Armenian Parliament with a voting power of about 27%.

According to reports, about $50 million has been invested in the creation of the new mining farm. The farm is said to have about 3000 BTC miners along with ETH miners. The estimated capacity of the farm is said to hold up to 120,000 miners.

Link to original article here

 

 


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