Sunday, December 15, 2019

Proposed ‘World’s Largest’ Mining Farm Launch Graced by Armenian Prime Minister

Adedamola Bada
I'm Damola, a computer engineer from Obafemi Awolowo University. A crypto enthusiast, marketer, and writer who is seeking to achieve career excellence through hard work and positive contribution to the organization that aspires for excellence. Contact me on [email protected]

A newly constructed bitcoin mining farm, which has been described as the “world’s largest” held its opening ceremonial in Armenia capital on October 18. As reported by a local news outlet News Armenia, the Prime Minister of Armenia and other highly placed government officials graced the occasion.

‘World’s Largest Crypto Mining Farm’

According to the report, the new mining farm is as a result of collaboration from giant Armenian company Multi Group which was established by politician cum plutocrat Gagik Tsarukyan; with Omnia Tech, a controversial international mining firm.

The founder Multi Group doubles as the founder of Tsarukyan Alliance. Tsarukyan Alliance is the second largest parliamentary power bloc in Armenia with 27% of the total vote in the country’s 2017 elections and by virtue of proportional representation electoral system; it has earned itself seats in the parliament. Many have fondly referred to Tsarukyan as the ‘key’ business partner of the erstwhile Armenian President Robert Kocharyan.

Currently, Multi Group is a large employer of labour in the country with nothing less than 25,000 persons having the conglomerate to thank for job availability; these statistics were given by the local news outlet.

The Grandeur Launch

Apart from the Prime Minister Nikol Pashinyan and Tsarukyan, there are other eminent personalities that graced the occasion. It appears that the idea was that the event would accommodate several numerous international businessmen. According to Tsarukyan, dignitaries “from almost forty countries” were invited. He further stated that;

 “This is an important step towards the development of the information technology sector, especially since representatives of foreign business circles are planning to meet with government members to find out the possibilities of new and more ambitious investments in the Armenian economy and expanding the base of cooperation.”

About $50 million has been pumped into the project of establishing what is going to be the “world’s largest” cryptocurrency mining farm, it has about 3,000 Bitcoin (BTC) and Ethereum (ETH) mining machines, and a planned capacity of 120,000 later in the future. Also, there is information that indicates that “Omnia is the owner of equipment used in farms” and this belongs to the giant mining firm Genesis Mining, there was also a hint pointing that “Omnia provides Genesis with mining equipment and finances its servicing.”

Last year, Omnia was accused of misappropriating the Genesis brand name and falsely claiming to be associated with the high-profile firm. The association was refuted by Genesis stating that the former was just a customer and nothing more.

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