Armenia gives up its Hrazdan TPP to miners. Last week News.Bitcoin.com reported on the news in the article titled Decommissioned Power Plant in Armenia to Host Crypto Mining Farms, discussing the fate of the country’s largest thermal power plant: in 2022 the plant was written off as obsolete and unprofitable, and then decommissioned. In the near future it will be shut down completely, according to the country’s authorities. This doesn’t spell death for one of the key technological facilities in Armenia, however. At the meeting of the Commission for Regulation of Public Services of Armenia it was decided to give it to crypto miners.
The TPP is already preparing an additional unit rated at 60 MW that will power mining enterprises. In fact, miners have been working here since 2018, when ECOS free economic zone was launched, which continues its development to this day. Its aim is to develop and support high technologies in the country.
Firstly an infrastructure was set up in Hrazdan – ECOS data center was established and equipped with the most powerful mining equipment supplied directly from Bitmain, the world leader in ASICs manufacture. The equipment was powered by Hrazdan TPP – according to an agreement Up-To 200 MWt of electricity was provided with special rates.
– Over the years, ECOS has been actively growing, and managed to expand its functionality from cloud mining to a full-fledged crypto investment platform with its own wallet, exchanger, analytics, and the ability to invest in cryptocurrency portfolios and indexes. The investment of large companies were attracted to expand the infrastructure and update the equipment,” says ECOS founder Ilya Goldberg. – We currently serve over 150,000 customers globally, and this figure keeps growing. ECOS believes that the recent changes will only bolster this trend.
Mining is becoming more and more popular in Armenia — this country has recently joined the ranks of crypto-positive nations. The overall political and economic situation in the country is quite stable, the attitude towards crypto assets is positive: the law legalizing crypto mining in Armenia was introduced in 2018.