Decommissioned Power Plant in Armenia to Host Crypto Mining Farms – Mining Bitcoin News


Armenia goes to ask cryptocurrency miners to put in their coin minting {hardware} in an previous thermal energy plant. The TPP shall be decommissioned and the federal government intends to lease it out to industrial corporations together with mining enterprises.

Miners Welcome to Set Up Information Facilities at Previous TPP in Armenia

The gear on the Hrazdan TPP has been deemed out of date and inefficient, producing costly electrical energy, and authorities in Armenia have determined to close down the previous energy plant within the close to future. Its premises and infrastructure, together with energy strains, water and fuel pipelines, shall be supplied to different, extra worthwhile companies.

The plan to lease out the previous thermal station was authorised at a gathering of the Fee for Regulation of Public Providers on Wednesday, Sputnik Armenia reported. An organization manufacturing refrigeration models has already organized the switch of a few of its manufacturing to the TPP, the information portal revealed.

In one other a part of the plant, a free financial zone known as Ecos has been established and is now open. Entities concerned within the extraction of digital currencies shall be allowed to arrange their crypto farms on this space. A legislation legalizing crypto mining in Armenia was launched in 2018.

Even after the Hrazdan TPP is decommissioned, the mining amenities could have entry to sufficient electrical power. A brand new thermal energy plant with 4 energy producing models, Hrazdan-5, has been constructed close by by the Russian big Gazprom. In November 2021, one other TPP was accomplished by the Italian firm Renco and Germany’s Siemens.

With the state-run Yerevan TPP, Armenia now has three trendy thermal energy stations. The report notes that the electrical energy they generate is dearer than the power produced by hydroelectric energy vegetation and the Armenian nuclear energy station west of the capital metropolis.

Nevertheless, the small nation within the Caucasus exports round 75% of their electrical energy to neighboring Iran which provides Armenia with low cost pure fuel used for energy technology. This cooperation shall be expanded after the development of a brand new transmission line between Armenia and the Islamic Republic in 2023.

Cryptocurrency mining has been creating in Iran which acknowledged it as a authorized industrial exercise in 2019. The sector’s power wants have additionally elevated and each licensed and unlawful miners had been blamed for the nation’s rising energy deficit final yr.

In Could, then-President Hassan Rouhani introduced a brief ban on crypto mining amid rising demand and inadequate provide of electrical energy brought on by the terribly scorching climate and droughts. Tehran lifted the restrictions in September when energy consumption decreased with cooler climate however reintroduced them in December to keep away from winter blackouts.

Tags on this story

Armenia, Armenian, Crypto, crypto farms, crypto miners, crypto mining, Cryptocurrencies, Cryptocurrency, decommissioned, Demand, Electrical energy, Power, Hrazdan TPP, Iran, Miners, mining, mining farms, energy, energy plant, shortages, Provide, thermal energy plant, TPP

Do you assume Armenia will take additional steps to create favorable situations for cryptocurrency miners? Share your expectations within the feedback part under.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Japanese Europe who likes Hitchens’s quote: “Being a author is what I’m, slightly than what I do.” Moreover crypto, blockchain and fintech, worldwide politics and economics are two different sources of inspiration.

Picture Credit: Shutterstock, Pixabay, Wiki Commons

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