Armenia Opens $50 Million Bitcoin, Ethereum Mining Farm (chepicap.com) 38
Armenia has opened a cryptocurrency mining farm to the tune of $50 million. It reportedly mines Bitcoin and Ethereum and consists of 3,000 machines. Chepicap reports: The country's first mining project, launched in the Armenian capital of Yerevan, is headed by Armenian real estate investment company Multi Group Concern and Malta-registered Omnia Tech International Company. Armenian entrepreneur and head of Multi Group, Gagik Tsarukyan said at the ceremony that $50 million had been invested into the farm. The first floor of the farm is designed for an IT business center with around the clock operating services. Bitcoin.com reports that Armenia is working at establishing its own Silicon Valley through the development of a free economic zone that will boast an advanced technology center.
The joke writes itself, I guess (Score:1)
Or not
Timing is (Score:1)
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At $50M... (Score:5, Interesting)
...this thing will never pay for itself. One of the Big Five should put a monitor on their network traffic and see what they're *really* doing.
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It's a private investment (Score:5, Informative)
Armenia is a country. The headline clearly says that Armenia is doing this. The article clearly says that individual companies are doing it.
Some governments do invest in similar ways, such as Saudi Arabia and China. Armenia doesn't seem to be doing it here. Please read before posting stories.
Is this good? (Score:2)
Seems Bitcoin is now about moving control away from Governments and towards private corporations.
Is this the capitalism of money itself?!
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Too late (Score:1)
Mining BTC and ETH at this point in time is going to be a lot less profitable than 2 or more years ago.
The real solution (Score:1)
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There has been some effort to reduce impact and cost by homing mining servers in people's homes, but that's a lot of expensive hardware to insure offsite.
I say we bomb any bitcoin farm from here on out, for the protection of the environment. This shit has got out of hand.