New Crypto Mining Farm Worth $50 Million USD Opens In Armenia

Armenia just got a new crypto mining firm which is now being regarded as one of the largest mining firms in the world. This facility is being built by Armenian-based holding company Multi Group Concern, in collaboration with Swedish crypto mining giant Omnia Tech Limited.

Armenia’s local news outlet Yerkramas has reported that this new firm is scheduled to house 3,000 bitcoin and Ethereum mining rigs. Added to this, the firm has plans to expand in the future by adding another 9,000 cryptocurrency mining rigs. It is quite evident that this mining firm is the country’s first large firm. A massive 50MW will be allocated to the firm from a thermal power plant, and there will be provisions in place to increase it to 200MW.

The project is happening on a mammoth scale and is approximately costing about $50 million in USD. The blueprint is such that the facility is spread over a two-floor structure, where the first level will be used for administrative purposes and the second level will contain mining equipment.

The news of this facility first came out in April when Omnia Tech’s Robert Velghe, revealed that they were building one of the world’s biggest crypto mining farms jointly with Multi Group Concern. Multi Group Concern’s duties will be take care of the infrastrctural needs and providing technical support.

In April, Velghe said,

“We intend to create here a blockchain-based center for the development of new information projects, which will turn Armenia into a high-tech platform.”

The facility was inaugrated by the Armenian Prime Minister Nikol Pashinyan and Multi Group Concern founder Gagik Tsarukyan in the capital Yervan. The inaugration ceremony was also attended by a number of influential businessmen from the United Arab Emirates, China, and South Korea.

Billionaire Tsarukyan said:

“Within two days, most of the guests will arrive in Armenia from almost forty countries. 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.”