Armenia Invites Crypto Miners To Install Their Mining Hardware

Armenia invites crypto miners to install their mining hardware in an old thermal power plant and the tPP will be decommissioned the government intends to rent it out to the industrial companies which include mining enterprises as we are reading more today in our latest cryptocurrency news.

The equipment at the Hrazdan TPP was deemed obsolete and not really efficient as it produced expensive electricity so the authorities in Armenia decided to shut down the old power plant in the future. Its premises and infrastructure like power lines, gas pipelines, and more, will be offered to other profitable businesses. The plan to rent out the thermal station was approved by the Commission of Regulation of Public services and a company that manufactures refrigeration units already warranted the transfer of some of its production to the TPP.

Another part of the plant which is a free economic zone called Ecos, was established and it is now open but entities involved in the extraction of digital currencies will be allowed to set up their farms in the area. The law legalizing crypto mining in Armenia was introduced in 2018. After the Hrazdan TPP is decommissioned, the mining facilities will gain access to electrical energy. The new thermal power plant with four power generating units has been built by the Russian giant Gazprom. Another TPP was completed by the Italian company Renco and Germany’s Siemens.

Armenia invites crypto miners to flock to its thermal power stations because now it has three modern ones. The reports show that the electricity they generate is more expensive than the energy produced by the hydroelectric power plants and the nuclear power station that is west of the capital city. The small nation in the region exports 75% of its electricity to Iran which supplies Armenia with natural gas that is used for power generation. The cooperation will be expanded after the construction of the new transmission line between Iran and Armenia in 2023. crypto mining has been developing in Iran where it recognizes as a legal industry activity in 2019. The sector’s energy needs also increased and both licensed and illegal miners got blamed for the growing power deficit last year.

President Hassan Rouhani even announced a ban on crypto mining amid the rising demand and the supply of electricity caused by the hot weather and the droughts. Tehran even lifted the restrictions when power consumption decreased with some cooler weather being reintroduced.