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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.
...this thing will never pay for itself. One of the Big Five should put a monitor on their network traffic and see what they're *really* doing.
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== WolfriderV6 == I'm willing to admit that *I just might* be wrong... Are you??
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.
...omphaloskepsis often...
I never invested in or mined bitcoin, but I was genuinely intrigued by the whole thing. The concept itself is interesting and it's funny to think back to a time where people were spending them when they were pretty much like coins. No one expected any of it to really pan out or be worth anything, so people would spend a dozen or so on a pizza if they could find some place that would take them just for the novelty of spending some funny digital money that no one really understood. I just wonder how many of those people think back on that pizza and think that they could have had a quarter million dollars instead if they would have held onto them.
Everything to come with it has been fascinating. The rapid technological arms race to mine more bitcoins, where people started being able recoup an investment from their high-end GPU in a few months by having it mine bitcoin instead of gaming on it, and people setting up little bitcoin mining operations until the ASICs pretty much killed that off. People posting on message boards about plowing their tuition into mining rigs or just outright investing bitcoin and the stories about people moving to towns that had cheap power contractually guaranteed to set up massive mining operations there because electricity was the real limiting factor.
All of it's almost just too surreal and I'm not even completely sure that the rodeo is over either. It's like getting to watch a gold rush happen and all of the human exuberance and tragedy that comes along with it.