Arguably, the country of Armenia has always had one of the richest histories documented, from having ancient cities like Yerevan to becoming the first Christan state, to being a part of the infamous USSR, Armenia is looking to add to that history by becoming a cryptocurrency mining hub. Armenia, alongside many other countries, has its very own “Blockchain Association” which has some huge ambitions, and some of those ambitions have become reality.
At the moment, Armenia has two state-of-the-art mining facilities, of which one is the largest in the world. Allegedly $50 million dollars had been invested, with a whopping 3,000 Bitcoin, and Ethereum mining machines, with a plan to add over 120,000 in the future. This is all done by an Armenian businessman known as Gagik Tsarukyan, who is involved in an international crypto mining firm Omnia Tech.
It’s important to note that at the moment there is no regulation regarding cryptocurrency in Armenia, but there has been consistent pushback for regulations by the Eurasian Economic Union (EAEU). This could potentially leave the mining farms vulnerable in the future, but that future doesn’t appear to be near-sighted. Other countries involved in the EAEU are Russia, Belarus, Kazakhstan, and Kyrgyzstan all of which are heavily invested in cryptocurrency mining.
