Armenia’s New Crypto Mining Farm Receives Visit From PM

4 min read

The opening ceremony of Armenia’s newest cryptocurrency mining farm boasted of attendance from the country’s top governmental officials, including the Prime Minister.

Amenia’s capital city of Yerevan hosted the ceremony, with those behind the mining farm touting the project as one of the ”world’s largest.” These founders include Armenian conglomerate Multi Group, notoriously founded by oligarch and local politician Gagik Tsarukyan, as well as the controversial international mining firm Omnia Tech.

The Prime Minister of Armenia Nikol Pashinyan was accompanied at the event by Tsarukyan. Tsarukyan also founded the national Tsarukyan Alliance party which currently holds the second largest bloc in Armenia’s parliament.

Other significant attendees of the event include a number of international businessmen reportedly from ”almost 40 countries.”

News Armenia hailed the opening ceremony as a success for the country’s technology sector, adding that ”representatives of foreign business circles are planning to meet with government members to find out the possibilities of new and more ambitious investments in the Armenian economy and expanding the base of operation.”

According to the report, USD 50 million was invested in this particular mining farm, with 3,000 machines in operation to produce both Bitcoin and Ethereum, provided by Omnia.

While News Armenia writes ”Omnia provides Genesis with mining equipment and finances its servicing,” in 2017 Omnia was slammed by Genesis for repeatedly misappropriating its brand name.

Genesis says that while Omnia purchased hashpower from the mining firm, there is no official partnership or association with the high profile firm beyond these standard purchases.

A further controversy involving Omnia comes from security researcher Chris Kubecka’s claims that the company is operating a pyramid scheme.

An article he wrote on the matter reads: ”there is zero guarantee if you pay an MLM (multilevel marketing) company to use Genesis mining, they won’t keep your money without mining any coin.”

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