Armenia, located at the crossroads of Europe and Asia, has increased its Bitcoin mining capacity. Recently, the digital platform ECOS revealed that its mining facilities, which is operational from 2018, will have an additional 60 megawatts of capacity.
The mine is processed at the Hrazdan River Hydroelectric Power Station using electricity directly from the high grid. The farm is expected to add 200 MW of clean energy.
Currently, there are no cryptocurrency regulatory rules in Armenia. In 2017, the country established a forum on blockchain technologies. In 2018, the Ministry of Finance set up a working group to discover possible supervisory rules. Also in 2018, the government established a special Free Economic Zone (ECOS) to attract and develop blockchain and cryptocurrency startups.
According to research from 2021, Armenia ranks 56th in the world’s cryptocurrency mining potential. With its potential, the country is ahead of its neighbor Georgia, ranked 83rd.
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