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Decommissioned Power Plant in Armenia to Host Crypto Mining Farms – Mining Bitcoin News
Armenia will invite cryptocurrency miners to install their coin minting hardware in an old thermal power plant. The TPP will be decommissioned and the government intends to lease it to industrial companies, including mining companies. Miners are welcome to set up data centers in the old TPP in Armenia The equipment of the Hrazdan TPP is considered outdated and inefficient and produces expensive electricity, and the authorities in Armenia have decided to shut down the old power plant in the near future. Its premises and infrastructure, including power lines, water and gas pipelines, are offered to other, more profitable companies. The plan to rent out the old thermal station was approved on Wednesday at a meeting of the Commission for the Regulation of Public Services,...
Decommissioned Power Plant in Armenia to Host Crypto Mining Farms – Mining Bitcoin News
Armenia will invite cryptocurrency miners to install their coin minting hardware in an old thermal power plant. The TPP will be decommissioned and the government intends to lease it to industrial companies, including mining companies.
Miners are welcome to set up data centers in the old TPP in Armenia
The equipment of the Hrazdan TPP is considered outdated and inefficient and produces expensive electricity, and authorities in Armenia have decided to shut down the old power plant in the near future. Its premises and infrastructure, including power lines, water and gas pipelines, are offered to other, more profitable companies.
The plan to rent out the old thermal station was approved on Wednesday at a meeting of the Commission for the Regulation of Public Services, Sputnik Armenia reported. A company that produces refrigeration units has already arranged for part of its production to be transferred to the TPP, the news portal revealed.
A free trade zone called Ecos was set up in another part of the plant and is now open. Companies involved in mining digital currencies are allowed to set up their crypto farms in this area. A law legalizing crypto mining in Armenia was introduced in 2018.
Even after the Hrazdan thermal power plant is shut down, the mining facilities will have sufficient electrical energy. A new four-unit thermal power plant, Hrazdan-5, was built nearby by Russian giant Gazprom. In November 2021, another TPP was completed by the Italian company Renco and the German Siemens.
With the Yerevan state thermal power plant, Armenia now has three modern thermal power plants. The report notes that the electricity they produce is more expensive than the energy produced by hydroelectric power plants and the Armenian nuclear power plant west of the capital.
However, the small Caucasus nation exports around 75 percent of its electricity to neighboring Iran, which supplies Armenia with cheap natural gas to generate electricity. This cooperation will be expanded following the construction of a new transmission line between Armenia and the Islamic Republic in 2023.
Cryptocurrency mining has developed in Iran, which recognized it as a legal industrial activity in 2019. The sector's energy needs have also increased, and both licensed and illegal miners have been blamed for the country's growing power deficit over the past year.
In May, then-President Hassan Rouhani announced a temporary ban on crypto mining amid rising demand and inadequate power supplies due to exceptionally hot weather and droughts. Tehran lifted However, the restrictions on electricity consumption in September decreased in cooler weather reintroduced them in December to avoid power outages in the winter.
Do you think Armenia will take further steps to create favorable conditions for cryptocurrency miners? Share your expectations in the comments section below.
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