Still Growing - Armenian Mining Operator Increases Power Plant Capacity
As cryptocurrency mining operators seek new locations, an Armenian company has added an additional 60MW cloud hosting facility based in a local power plant.
The cryptocurrency investment platform ECOS has been operating a mining center on the grounds of the Hrazdan Power Plant since 2018. Located in the center of the country, the utility is becoming an innovation hub that takes advantage of attractive financial advantages and direct access to electricity.
The creation of the mining facility is the result of a partnership between the Armenian government and ECOS established in 2018, which commissioned the company to develop the Free Economic Zone (FEZ) to use the power facility as a hub for data centers and cryptocurrency mining.
The agreement between the operator and the Armenian government cites the promotion of foreign direct investment and the creation of products and services in the information technology sector.
Cointelegraph spoke with ECOS Marketing Manager Anna Komashko following the upgrade of its Hrazdan mining operation in August. She unpacked the four-year journey so far, explaining that the Armenian government is "positioning itself as the blockchain country." This statement is reflected in the attractive tax benefits afforded to companies seeking to operate in the free zone, as Komashko explained:
"The main objective of FEZ was to help attract and develop high technologies in the country, to help blockchain and crypto startups, therefore specific advantageous conditions are applied to them."
The marketing manager confirmed the special tax conditions enjoyed by companies operating at the Hrazdan site, without any taxes imposed for VAT, import and export customs duties or land and real estate taxes . The sustainability of the project is guaranteed by a 25-year agreement for uninterrupted power supply.
The site infrastructure includes a data center, a service center and a warehouse for equipment and spare parts. Seven shipping containers make up t...
As cryptocurrency mining operators seek new locations, an Armenian company has added an additional 60MW cloud hosting facility based in a local power plant.
The cryptocurrency investment platform ECOS has been operating a mining center on the grounds of the Hrazdan Power Plant since 2018. Located in the center of the country, the utility is becoming an innovation hub that takes advantage of attractive financial advantages and direct access to electricity.
The creation of the mining facility is the result of a partnership between the Armenian government and ECOS established in 2018, which commissioned the company to develop the Free Economic Zone (FEZ) to use the power facility as a hub for data centers and cryptocurrency mining.
The agreement between the operator and the Armenian government cites the promotion of foreign direct investment and the creation of products and services in the information technology sector.
Cointelegraph spoke with ECOS Marketing Manager Anna Komashko following the upgrade of its Hrazdan mining operation in August. She unpacked the four-year journey so far, explaining that the Armenian government is "positioning itself as the blockchain country." This statement is reflected in the attractive tax benefits afforded to companies seeking to operate in the free zone, as Komashko explained:
"The main objective of FEZ was to help attract and develop high technologies in the country, to help blockchain and crypto startups, therefore specific advantageous conditions are applied to them."
The marketing manager confirmed the special tax conditions enjoyed by companies operating at the Hrazdan site, without any taxes imposed for VAT, import and export customs duties or land and real estate taxes . The sustainability of the project is guaranteed by a 25-year agreement for uninterrupted power supply.
The site infrastructure includes a data center, a service center and a warehouse for equipment and spare parts. Seven shipping containers make up t...
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