Could Armenia really become the new Sillicon Valley for cryptocurrency/blockchain companies?
Armenia, this little country below Russia. Former Sovet Union state, now a greatly developing independent country with many international allies including Russia, US and China.
So why go this far around the globe just for cryptocurrency mining?
- Very cheap rent
You can use local sites (most of them are also available in English) to find very cheap locations in Armenia. Rent prices are very low you would be able to find a nice spot for a few hundred dollars a month. (Examples are: list.am, realestate.am)
- Cheap electricity
If you know which energy carriers to use you could get great rate electricity for only $0.04 per KWH. This is alot less compared to lets say Netherlands where eletricity rates are around $0.30 per KWH. We all know mining uses alot of electricity so this will come in handy.
- Cheap labour
Lets say you're building a mining facility there and it's going well. You would not have to spend much on employees, average salary in the capital city is around $300 per month. Outside of the capital the salaries are even lower. Because of this the living costs in Armenia are also extremely low.
- Extremely low crime rate
The capital city of Yerevan has a extremely low crime rate. It's crime rate is lower than Amsterdam, New York City, London and alot more modern cities. This is important so you can be assured your miners as well as you are safe there. For the full report from the U.S. Embassy see here: https://www.osac.gov/pages/ContentReportDetails.aspx?cid=21329
- Tolerance against cryptocurrency from government
The Armenian government is extremely tolerant against cryptocurrencies and mining. More recently the parliament has announced they are busy with a law for welcoming cryptocurrency miners there. For the full article see here: https://news.bitcoin.com/law-legalize-crypto-mining-introduced-armenia/
Are there other companies planning to expand to Armenia?
Yes, in fact many big companies either have plans or are already busy with implementing businesses here. The government is passing all kind of laws which give benefits to (new) tech companies coming to Armenia. They want to create a Sillicon Valley atmosphere to create more jobs in the country. Omniatech already announced they are opening a 2 billion dollar mining farm there. Source: http://www.panarmenian.net/eng/news/254069/Armenia_2_billion_to_be_invested_in_worlds_biggest_mining_farm
So how do I get started?
Well as you know everything is alot cheaper there, but you will still need to have the right connections. It is not uncommon in Armenia for people to overprice on bargains if they know you can afford it.
Over the last few months I have been flying to Armenia and back to Netherlands exactly for this reason. I have been busy with opening a mining facility there, together with 2 business partners. From next month I will be living there temporarily to run it. We are planning to fill this facility ourselves but we are also renting some spaces out. For this we have created https://myminingspace.com/ .
I hope you liked the article and if you are interested in placing miners with us either contact me below or through the website: https://myminingspace.com/. Also for any other questions regarding mining (in Armenia) or crypto feel free to ask below, I would be happy to help the community.
Untill next time folks!