Armenia Opens $50 Million Bitcoin, Ethereum Mining Farm (chepicap.com)

Armenia has opened a cryptocurrency mining farm to the tune of $50 million. It reportedly mines Bitcoin and Ethereum and consists of 3,000 machines. Chepicap reports: The country's first mining project, launched in the Armenian capital of Yerevan, is headed by Armenian real estate investment company Multi Group Concern and Malta-registered Omnia Tech International Company. Armenian entrepreneur and head of Multi Group, Gagik Tsarukyan said at the ceremony that $50 million had been invested into the farm. The first floor of the farm is designed for an IT business center with around the clock operating services. Bitcoin.com reports that Armenia is working at establishing its own Silicon Valley through the development of a free economic zone that will boast an advanced technology center.

Comments

It's a private investment

[swell]

Armenia is a country. The headline clearly says that Armenia is doing this. The article clearly says that individual companies are doing it.

Some governments do invest in similar ways, such as Saudi Arabia and China. Armenia doesn't seem to be doing it here. Please read before posting stories.

You're doing it wrong.

[Anonymous Coward]

The reason to run such a farm is not to mine for coins. All the minable bitcoins are gone, the remaining pool is for blockchain maintainers. Even that is not the reason though, it's to validate transactions and earn transaction fees. Not sure about Etherium but it's likely the same, to earn fees for handling transactions rather than actually mining. It should be lucrative no matter what the actual trade value of the tokens is.