Mining Operator in Armenia is Increasing Power Plant’s CapacityAugust 24, 2022
Crypto miners around the world are searching for new locations to make their operations easier. But a mining firm in Armenia has added another 60MW of cloud hosting capacity sited at a power plant.
An Environment to Incubate the Future
Armenia set up a free trade zone that is designed to be friendly to cryptocurrencies and blockchain adoption in the country. The effort is now bearing good fruit. The local miner in view added 60 megawatts of power capacity to its plant facility.
ECOS, the crypto investment platform, has been running its mining hub in the environment of the Hrazdan power plant from as far back as 2018. It is sited in the center of the country and it is fast becoming a leading innovation center that takes advantage of strong financial benefits and straight access to a power supply.
The mining center was established as a result of the partnership between the government of Armenia and ECOS. The partnership put the firm in charge of developing the free trade zone which aims to use the power plant as a center for data firms and cryptocurrency mining.
The agreement reached by the government and ECOS mentions as its motivation the need to promote foreign investment, as well as create services and products in the technology space.
Benefits Encourage Growth
The firm’s Marketing Manager spoke with the media after upgrading to its mining site at Hrazdan this month. Anna Komashko gave details about ECOS’s journey in the last four years. She explained that the government of Armenia has positioned itself as a blockchain country.
This is reflected in the tax regime and benefits that companies get when they want to get established in the free trade zone. Komashko said that the major goal of the free trade zone is to draw high-tech companies into the country and to aid the growth of crypto and blockchain startups. Therefore, certain benefits are accorded to them.
Komashko also verified the special tax regimes that apply to businesses that run at Hrazdan. VATs are not imposed on them, as well as other benefits. The project agreement has a 25-year roadmap that guarantees a steady power supply.
The site has such infrastructure as a data center, and warehouse services for spare parts and equipment. The said data center is made up of seven containers that shelter about 250 mining sets. ECOS gets its miners straight from Bitman in China. ECOS’s cloud mining serves about 258,000 users, and it sells equipment to clients.