Armenia’s Decommissioned Power Plant Will Host Crypto Mining Farms – Bitcoin News

Armenia will invite cryptocurrency miners to install their minting hardware at an old thermal power plant. The TPP will be decommissioned and the government intends to lease it to industrial companies, including mining companies.

Miners welcome data center in old Armenia TPP

equipment in Herzdan TPP Already considered outdated and inefficient, producing expensive electricity, Armenian authorities have decided to shut down the old power plant in the near future. Its site and infrastructure, including power lines, water and gas pipelines, will be made available to other, more profitable businesses.

A meeting of the Public Service Regulatory Commission on Wednesday approved plans to lease the old thermal station, Armenia Sputnik reported. The news portal revealed that a company that makes refrigeration equipment has arranged to transfer some of its production to the TPP.

In another part of the factory, a free economic zone called Ecos has been established and is now open. Entities involved in withdrawing digital currency will be allowed to set up their crypto farms in the region.A law legalizing crypto mining in Armenia is introduced 2018.

Even after Hrazdan TPP is decommissioned, mining facilities will receive enough electricity. The Russian giant Gazprom has built a new thermal power plant Hrazdan-5 with four generating units nearby. In November 2021, Italy’s Renco and Germany’s Siemens completed another TPP.

Armenia now has three modern thermal power stations through the state-run Yerevan TPP. The report notes that the electricity they generate is more expensive than the energy produced by hydroelectric plants and Armenian nuclear power plants west of the capital.

However, the small Caucasian nation exports about 75 percent of its electricity to neighboring Iran, which provides Armenia with cheap natural gas for power generation. This cooperation will be expanded after the construction of a new transmission line between Armenia and the Islamic Republic in 2023.

Cryptocurrency mining has been growing in Iran, which in 2019 deemed it a legal industrial activity. Energy demand in the industry has also increased, with the country’s electricity deficit growing last year and both licensed and illegal miners being blamed.

In May, then-President Hassan Rouhani Announce Crypto mining has been temporarily banned due to unusually hot weather and drought leading to rising demand and a lack of electricity supply.Tehran lift Restrictions in September, when electricity consumption fell as the weather cooled, but reintroduce They avoid winter power outages in December.

Do you think Armenia will take further steps to create favorable conditions for cryptocurrency miners? Share your expectations in the comments section below.

Lubomir Tasev

Lubomir Tassev, a journalist from tech-savvy Eastern Europe, likes Hitchens’ famous quote: “Being a writer is who I am, not what I do.” Beyond crypto, blockchain and fintech, international politics and The economy is two other sources of inspiration.