World’s Largest' Mining Farm Opening Brings Government and Business Leaders Together in Armenia

    A new mining farm was recently opened in the country of Armenia, which is not widely known for mining cryptos. News Armenia, a local news source, has reported that the event was so important that it was attended even by the Prime Minister of Armenia, Nikol Pashinyan.

    The mining farm will be the result of a joint venture made by a major Armenian conglomerate called Multi Group and Omnia Tech, an international mining firm. About $50 million USD was invested to turn this idea into a reality and the farm already has 3,000 Bitcoin (BTC) and Ethereum (ETH) ASIC miners with a capacity for 120,000 of them in the near future.

    Multi Group was created by Gagik Tsarukyan, founder of the Tsarukyan Alliance. He represents the second largest parliamentary bloc in the country with 27 percent of the seats after the last election, which happened last year. His company, Multi Group, employs over 25,000 people via many of its subsidiaries

    The Launch

    The official launch of the mining farm was attended by many important guests including the Prime Minister, as we have affirmed, and the key personnel of the companies involved in the creation of the facility. Several international businessmen were also reported to be a part of the event, with guests from almost 40 countries, News Armenia reported.

    During the launch, Tsarukyan has affirmed that this is a very important step for the development of the sector in Armenia and that the representatives from many countries were interested in finding new ways in which to invest in the Armenian economy to expand its basis of cooperation.

    Before this date, the Prime Minister of Russia, Dmitry Medvedev, which was not present at the event, has suggested that all the countries from the Eurasian Economic Union, which includes Armenia, should be a part of a unified crypto regulatory approach. At the moment, however, regulation of cryptos is still in a very gray area both in Armenia and Russia.

    Controversies with Omnia Tech

    Omnia Tech, one of the two companies that financed the project, is not without controversies, though. The company owns mining equipment and it was reported to work together with Genesis Mining in the past. However, the company was also accused of misappropriating the Genesis brand several times.

    The case is very similar to the recent Tron controversy in which the founder of the Tron Foundation, Justin Sun, has affirmed that the company had a partnership with Baidu when the company was actually just a client. In this case, Genesis was also a client of Genesis Mining, not a real partner, but it marketed their relationship this way.

    Another case happened when the researcher Chris Kubecka has accused Omnia of being a pyramid scheme in May. He did not prove his accusations, though.

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    Gabriel Machado
    Brazilian journalist who is interested in the future of the financial world. Has a special interest in the blockchain technology and the global financial markets. Covers economic and technology news with a focus on the fintech industry and has been writing about the cryptocurrency market since the start of 2017.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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