- Crypto mining operators will be invited to host their operations in an Armenian decommissioned thermal power plant
- The authorities planned to rent out the station at a Commission for Regulation of Public Services meeting on Wednesday
- The plant was considered obsolete and inefficient, producing expensive electricity
Crypto mining is a passive way of making good gains. However, the operations are concerning many globally due to heavy power usage. As China prohibited such operations in the nation, miners from the region migrated to more crypto-friendly nations. Recently, an old thermal power plant in Armenia unveiled plans to call such cryptocurrency miners to install their rigs and continue such operations there. Notably, the plant will be decommissioned, and the government intends to rent that out to commercial firms, including digital assets mining enterprises.
Armenia plans to rent an old TPP
Armenian authorities decided to shut down the Hrazdan thermal power plant equipment. The plant was considered obsolete and inefficient, producing expensive electricity. The premises of the TPP, including power lines, water, and gas pipelines, are decided to be offered to other more profitable businesses.
Indeed, the authorities planned to rent out the station at a Commission for Regulation of Public Services meeting on Wednesday. Notably, the firm manufacturing refrigeration units has already arranged to transfer some of its production to the TPP.
On the other hand, a part of the premises, a free economic zone called Ecos, has been established. Notably, crypto mining operators will be allowed there to set up their farms.
Crypto mining operations can access enough energy
The old Armenian thermal power plant will be decommissioned. Despite the fact crypto mining operations will have access to enough power. It is worth noting that a new thermal power plant with four power generating units, Hrazdan-5, has been developed nearby the Russian giant Gazprom.
In the current scenario, Armenia has three power plants. According to a few reports, it is noted that the energy generated by these power stations is more expensive than the energy produced by hydroelectric power plants and the nuclear power station west of the capital city.
Armenia supplies 75% of its electricity to Iran
Iran supplies Armenia with cheap natural gas that is used for power generation. Following this, the nation exports 75% of its generated electricity to Iran. Notably, crypto mining operations have been developing in Iran, recognizing such activities as legal industrial activity.
Energy requirements for crypto mining operations in Iran have increased significantly. And the authorities claim that both licensed and illegal operators are the reasons behind the growing power deficit in the nation.