A Power Plant In Armenia Will Be Hosting Crypto Mining Farms

Armenia is a country that rarely comes up when it comes to crypto. The country is currently in a limbo state where there are no direct crypto laws and regulations. However, it is perfectly legal to purchase, store, and use cryptocurrency in the country so it’s not that bad. Just recently, the country has made an interesting move regarding Bitcoin mining. 

Armenia Will Host Crypto Mining

Armenia catches the eye of the crypto community as it makes an interesting announcement. The country has decided to decommission and shut down its told power plant. Experts have deemed the equipment at Hrazdan TPP to be inefficient and obsolete making the process of producing electricity more expensive. 

What the country plans to do instead is that they will rent the old power plant to other services as decided by a meeting by the  Commission for Regulation of Public Services. And as sources indicate a company dealing in refrigeration units has already availed of the services by transferring some of its production to the Hrazdan TPP.

Another area of the plant called the Ecos is a free economic zone that has recently opened. This area will be used for entities planning to mine or extract cryptocurrencies, AKA crypto mining farms. And since a law in Armenia that legalizes crypto mining is already in place, it is perfectly legal for crypto mining entities to avail of Armenia’s services. 

Despite the Hrazdan TPP power plant being old and decommissioned its equipment is still more than capable to produce enough electricity for crypto mining. It won’t pose a problem for the country as well since they already have a new thermal power plant called the  Hrazdan-5 built. It is located near the Russian Gazprom. Additionally, another power plant has already been built last year in November so renting out one of their oldest power plants shouldn’t be an issue energy-wise for Armenia.

Conclusion

Armenia being economical about their old power plant shows brilliant leadership and foresight but the really good news here is that crypto miners who need tons of power have a place that’s open and legal for them to use. With the recent news of Bitcoin mining being targeted by government agencies, this is a breath of fresh air.

* We hope this information will help you in your investment process, but this is not investment advice. Every investment carries risk, especially in this industry, so DYOR before making a decision.