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Armenia: $2 billion to be invested in world’s biggest mining farm

Armenia: $2 billion to be invested in world’s biggest mining farm

PanARMENIAN.Net - Multi Group Concern and the Swiss company Omnia Tech will create the world’s biggest mining farm in Armenia. In the first two years of the project, $2 billion are planned to be invested overall, Kentron TV reports.

Under the draft project, cryptocurrency production will launch in April.

Also, the companies seek to make Armenia a financial tech hub by developing new programs based on blockchain technologies.

“We are going to establish the biggest production of cryptocurrency in the world with more than 150,000 machines for producing bitcoin, ethereum and other cryptocurrencies,” co-founder of Omnia Tech Robert Velghe said.

Velghe revealed that this is just the beginning of the company’s cooperation with Armenia as, according to him, they are planning to implement other technological projects too, with 500 companies, including Facebook, Google and Amazon set to join.

An earlier report revealed that a mining farm in Armenia is allegedly first projected to have 50 MW capacity, potentially reaching 200 MW, which is to be supplied by the Hrazdan thermal power plant, according to a report by ECOS-M, the mining equipment distributor.

Prior to that, Armenian Blockchain Forum reported that Armenia was planning to come up with a free economic zone to host a top-notch technology center – the republic’s "Silicon Valley". ABF remarked that 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.

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