Decommissioned Power Plant in Armenia to Host Crypto Mining Farms

Decommissioned Power Plant in Armenia to Host Crypto Mining Farms

Decommissioned Power Plant in Armenia to Host Crypto Mining Farms

Armenia goes to ask cryptocurrency miners to put in their coin minting {hardware} in an outdated thermal energy plant.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

Miners Welcome to Set Up Data Centers at Old TPP in Armenia

The tools on the Hrazdan TPP has been deemed out of date and inefficient, producing costly electrical energy, and authorities in Armenia have determined to close down the outdated energy plant within the close to future.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

The plan to hire out the outdated thermal station was accredited at a gathering of the Commission for Regulation of Public Services on Wednesday, Sputnik Armenia reported. An organization manufacturing refrigeration items 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 referred to as Ecos has been established and is now open. Entities concerned within the extraction of digital currencies might be allowed to arrange their crypto farms on this space. A legislation legalizing crypto mining in Armenia was introduced in 2018.

Even after the Hrazdan TPP is decommissioned, the mining services can have entry to sufficient electrical vitality. A brand new thermal energy plant with 4 energy producing items, 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 fashionable thermal energy stations. The report notes that the electrical energy they generate is costlier than the vitality produced by hydroelectric energy vegetation and the Armenian nuclear energy station west of the capital metropolis.

However, 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 era. This cooperation might be expanded after the development of a brand new transmission line between Armenia and the Islamic Republic in 2023.

Cryptocurrency mining has been growing in Iran which acknowledged it as a authorized industrial exercise in 2019. The sector’s vitality wants have additionally elevated and each licensed and unlawful miners have been blamed for the nation’s rising energy deficit final 12 months.

In May, then-President Hassan Rouhani announced a brief ban on crypto mining amid rising demand and inadequate provide of electrical energy attributable to 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.

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

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