Armenia, a country at the crossroads between Europe and Asia increases its Bitcoin mining capacity. Recently, the digital platform ECOS revealed adding 60 megawatts of capacity to its mining facility running from 2018.
Related: Armenia will regulate crypto market leaning on international experience
Processing at one of the hydroelectric plants on the Hrazdan river, the mining farm uses electricity from a high-power grid directly. It is expected to increase the farm's clean energy to an additional 200MW.
Currently, there are no crypto regulatory rules in Armenia. In 2017 the country established a forum on blockchain technologies. In 2018, the Ministry of Finance formed a working group to discover possible regulatory rules. Also, in 2018 the government formed a special Free Economic Zone (ECOS) to attract and develop blockchain and crypto startups.
According to 2021 research, Armenia is 56th in crypto mining potential ranking in the world. By its potential, the country is ahead of its neighbor Georgia, which is 83rd.