Cryptocurrency Boom: Armenia Set to Be Home to 50 MW Mining Farm

© Sputnik / Vladimir Astapkovich / Go to the photo bankMining-farm in the territory of a technopolis Moscow
Mining-farm in the territory of a technopolis Moscow - Sputnik International
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Cryptocurrency fever seems to have spread to the former Soviet republics with Armenia, the land of Mount Ararat, being one of them.

Armenia will soon boast a mining farm, involving a data center technically equipped for mining bitcoins as well as other digital currencies. It is first projected to have 50 MW capacity, potentially reaching 200 MW, which is to be supplied by the Razdanskaya thermal power plant, according to a report by ECOS-M, the mining equipment distributor.

READ MORE: Bitcoin Dealers Beware! Mining Might Be Cause of Russian Apartment Block Blaze

The report further reveals that the mining center is now under construction and is due to be launched in April.

Earlier, 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 block-chain-, and  AI-based hi-tech projects as well as those connected with computer-assisted learning.

A picture taken on February 6, 2018 shows a visual representation of the digital crypto-currency Bitcoin, at the Bitcoin Change shop in the Israeli city of Tel Aviv - Sputnik International
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According to the company, the first half of 2018 will see the construction of an international accelerator which will serve as a platform for the launch and development of innovative international projects, based on blockchain technology.

The estimates by ABF suggest the prospective ecosystem will create 250-300 well-paid jobs and attract as much as 120 million dollars of investment.

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