A new mining farm was recently launched in Armenia and the event had the Prime minister of the country in attendance. The recently launched mining farm is also tagged as the “biggest mining farm” in the world, by local news outlets.
World’s Largest Crypto Mining Farm
The newly launched mining firm is said to be a product of a joint venture between a major Armenian conglomerate Multi Group, founded by oligarch and politician Gagik Tsarukyan, and the well-known mining firm Omnia Tech.
The influence of Tsarukyan who is also the founder of Tsarukyan Alliance, which has the second largest share of the Armenian Parliament with a voting power of about 27%, is said to be the reason why the country’s top government officials were present during the launching.
It has been reported that about $50 million has been invested in the creation of the new mining farm. The mining farm is also said to have about 3000 BTC miners in it as well as ETH miners. The farm is said to have the capacity to hold up to 120,000 miners.
A report from a local news outlet, News Armenia, states 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.”
Omnia Tech’s Controversy
Omnia Tech, the second partner in the joint venture has been involved in so many controversies, mostly about claiming to be what it is not. Recently, the mining firm was falsely claiming to have an association with Genesis Mining Ltd. Omnia claimed it was providing Genesis with mining equipment and finances its servicing.
Genesis eventually came out with a statement refuting these claims and that what the two have, is a customer client relationship.