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The creation of free economic zones in Armenia that encourage the adoption of blockchain technology and cryptocurrencies is paying off, as a local miner expands its facility by 60 MW.
Since 2018, the Hrazdan Power Plant's premises have been home to a mining facility run by cryptocurrency investment platform ECOS. The utility, which is located in the middle of the nation, is developing into an innovation hotspot by using the favorable financial advantages and easy access to power.
As a result of a partnership between the Armenian government and ECOS that was established back in 2018, which tasked the company with developing the free economic zone (FEZ) with the goal of using the power facility as a hub for data centers and cryptocurrency mining, the mining facility was established.
The encouragement of direct foreign investment and the development of goods and services in the information technology industry are mentioned in the agreement between the operator and the Armenian government.
Following an upgrade to its mining operation in Hrazdan in August, Cointelegraph met with ECOS marketing manager Anna Komashko. The Armenian government "positions itself as the country of blockchain," she said, outlining the four-year journey thus far. According to Komashko, this assertion is supported by the alluring tax perks offered to businesses wishing to operate in the FEZ:
The primary goal of the FEZ was to support the development of high technology in the nation and to assist blockchain and cryptocurrency entrepreneurs by applying unique favorable circumstances to them.
The marketing manager reaffirmed the favorable tax circumstances that companies operating at the Hrazdan site benefit from, including the absence of VAT, import and export customs fees, and property and real estate taxes. A 25-year agreement for a steady supply of electricity supports the project's durability.
A data center, a service center, and equipment and spare part storage are all part of the site's infrastructure. The data center, which contains about 250 mining units, is made out of seven shipping containers. Directly from Chinese manufacturer Bitmain, ECOS purchases its miners. Around 258,000 people utilize the company's cloud mining service, and it also sells and services equipment to customers.
The geolocational distribution of the Bitcoin hashrate changed as a result of China's well-publicized crackdown on cryptocurrency mining, making locations with inexpensive electricity or tax breaks increasingly desirable.
The mining operation, which is located at the Hrazdan power plant, uses the site's infrastructure to power containers while receiving its electricity straight from the high-voltage grid. Komashko also mentioned that ECOS could grow to produce 200 MW more of cheap and clean electricity. The location, which is in a hilly portion of Armenia with an average yearly temperature of 4.8°C, is ideal for bitcoin mining.
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