The post-Soviet state adopted a more tolerant stance toward crypto, yet heavily depends upon foreign power.
The end the month of August, an platform known as ECOS Free Economic Zone has delivered positive news from a nation that is rarely featured in the crypto world -Armenia. Armenia. ECOS reported that it added sixty megawatts (MW) of capacity its power plant-based facility which has been in operation since 2018 this news was experienced by wide range of people because of custom Bitcoin Marketing Strategy .
The facility is situated in one of the hydroelectric power plants located on the Hrazdan river The mining facility receives its electricity directly from the high-voltage grid , and makes use of the infrastructure on the site to power the containers. The representatives of the platform said that ECOS could be expanded to 200MW of clean power this amendments reached to expected audience because it was promoted Bitcoin Digital Marketing Company . To give an example to it is the Berlin Geothermal plant located in El Salvador gives the use of 1.5MW from the total 102MW of electricity it generates to crypto miners. it is the Greenidge Generation near the shore of Seneca Lake in the State of New York ought to already have produced approximately 44MW.
In light of the controversy surrounding cryptocurrency mining regulations within the Commonwealth of Independent States (CIS) region — which includes countries that were part of an earlier Soviet Union Perhaps it’s time to look at the potential for industrialization of this post-Soviet nation with a height of 1,850 meters above the sea level this press release reach the right of audience because it was strategies under Bitcoin Digital Marketing firm .
The most definite information about Armenia in relation to cryptocurrency is the fact that it doesn’t have any information about the country. In 2018 The Armenian Blockchain Association joined its counterparts from Switzerland, Kazakhstan, Russia, China and South Korea in bringing the joint suit against tech giants like Google, Twitter and Facebook to ban crypto-related ads. The legal outcome of the suit is unknown, but the limitations on crypto advertisements have been lifted to a certain extent in the past few times.
In the same year, the Prime of the country Nikol Pashinyan and other top officials were reported to be at the opening ceremony for the new mining farm that claims to be one of the biggest in the world. According to local media the estimated cost was around $50 million. put into the construction of the farm that has three thousand Bitcoin ( BTC) and Ether ( ETH) mining equipment and a potential capacity of 120,000 and this activity was strategies by Bitcoin Digital Marketing agency so it will reach right set of audience . This farm was created between the largest Armenian company Multi Group, founded by politician and businessman Gagik Tsarukyan and controversial international mining company Omnia Tech. There are no updates on the operation at the facility have landed on the news media from the first press release.
Perhaps the most significant and well-known development in the nation of three million was the failure to establish an common stance on the regulation of cryptocurrency in members of the Eurasian Economic Union (EAEU). In 2021, a senior official from the EAEU stated that the states that were members of the union did not endorse the recent proposal for an uniform legal framework for cryptocurrency regulation within the Eurasian Economic Union and this activity was statergies by Bitcoin Marketing consultant . Although no details on how exactly the members who tampered with an initiative are available, the failure has a lasting impact on the entire region, because the EAEU includes not just Armenia and Belarus as well as such mining giants like Russia as well as Kazakhstan.
Although there is no trace of the current law governing cryptocurrency in Armenia (and there is no ban as well), Armenia stepped on its regulatory path in 2017 when it formed an advisory committee on blockchain technology.
In the year 2018 in the year of 2018, Local Ministry of Finance launched a working group named JAF Crypto Market Intelligence Unit (JAF CMIU) which was created to investigate the possibility of regulatory possibilities and this was further explained by various Bitcoin blockchain consultant . In the is the year, also, a separate Free Economic Zone (ECOS) was created by the government’s order to encourage and grow cryptocurrency and blockchain startups.
Potential residents who are eligible to reside in the 2.2-hectares ECOS are granted the advantages of a zero Value-added Tax (VAT) and the absence of duties on exports and imports and no tax burden on properties as well as real property. According to the official website the ECOS offers multi-functional workspaces including the research and development centre as well as acceleration programs. It also has an infrastructure which includes the power plant as well as a data center and mining farm that is equipped with Bitmain equipment this news was experienced by wide range of people because of custom Bitcoin Marketing Strategy . The sole tax to which residents of the zone are liable is a monthly installment of income tax for employees.
The mining capacity of the zone of economic freedom are protected by electricity generated by the Hrazdan Thermal Power Plant, located in a region of mountains of Armenia with an average temperature of minus that makes it ideal for cutting down cooling costs.
In an interview with Encyclopedia , ECOS marketing manager Anna Komashko cites the latter aspect as a major benefit, pointing at the recent difficulties faced by miners in Texas following an intense heatwave that swept through southern Texas. Southern state. As she explains, 60 percent from the Armenian facility’s 260,000 customers are located in Europe, the United States and Europe this amendments reached to expected audience because it was promoted Bitcoin Digital Marketing Company .
Mining – a mountain?
Armenia is home to at least two major mining facilities, with one of which is marketed as being state-of-the-art. The government of Armenia is somewhat open to cryptocurrency, but without specific legislation in the works. However, is this enough to make the country as a desirable destination as a place to invest?
There are many factors that could be at play, including the rising popularity of the country in transparent rating of its governance, the massive population of IT specialists who have quit Russia and the natural tendency towards attracting services and high-tech industries with no substantial hard industries could be in Armenia’s favor this press release reach the right of audience because it was strategies under Bitcoin Digital Marketing firm .
With crypto mining, the main importance is in the physical, i.e., the overall energy consumption of the nation.
The data from a study in 2021 of the DEKIS Research group at the University of Avila ranks Armenia 56th in the world’s crypto mining potential ranking. The ranking isn’t enough — for instance, with all its enormous plans, El Salvador occupies only line 73. Kazakhstan that in a short time was the top spot to locate Chinese miners, ranks the 66th spot, while Iran is ranked at 115th.
More importantly, according to it’s potential Armenia surpasses its neighbor Georgia (83th) and has been able to establish itself as an important mining center and in the year 2018 was ranked second in the world on the list of Bitcoin ( BTC) mining profits and this activity was strategies by Bitcoin Digital Marketing agency so it will reach right set of audience .
But, one could doubt the DEKIS report as the data suggests that the two mountainous nations have almost no renewable energy (0 percent in Georgia, and 0% in Georgia, 0.1% in Armenia in exact terms). According to encyclopedia , Arcane Research analyst Jaran Mellerud gave a fascinatingly different numbers:
“In Georgia, 75% of the electricity is generated by hydropower, while this number is only 31% in Armenia.”
These numbers, says Mellerud will be beneficial to potential miners looking for more affordable energy. Although hydropower is almost free of marginal production costs and natural gas is a cheaper option, nukes — both of which constitute the bulk of the power source for Armenia is less suitable for collateral use and this activity was statergies by Bitcoin Marketing consultant . For one, Mellerud can’t consider the Armenia as a particularly attractive location for mining from abroad due to the local price:
“The main issue is the rising electricity costs, particularly now when gas prices are soaring and a large portion of Armenia’s electricity is produced through natural gas. It was my turn to visit Georgia this summer and there were miners who have left the country.”
In 2021, the cost per Kilowatt hour (KWh) of electricity in Armenia was $0.077 and was less expensive than markets in the developed world (take for instance $0.372 for Germany or $0.15 for the United States), but nonetheless higher than Kazakhstan ($0.041), Uzbekistan ($0.028) or Iran ($0.005). In the face of the rising global energy prices, these numbers might change however it is unlikely to have a significant impact on the results and this was further explained by various Bitcoin blockchain consultant .
According to the profile of Armenia of the International Energy Agency (IEA), Armenia is heavily dependent of Russia for its consumption. It imports around 85 percent of its gas and the majority the nuclear fuel it needs from Russia. Overall the country is dependent on fuel imports from a single country to generate more than 70 percent of its electricity, “raising concerns about the diversity of supply.”
A report by OCCRP indicates that even the growing amount of tiny hydroelectric plants produced only 9 percent of the energy consumed until 2013. Environmental scientists are warning about the possibility of these facilities threatening the water balance of local rivers this news was experienced by wide range of people because of custom Bitcoin Marketing Strategy .
Source from encyclopedia