The latest mining firm is launched in Armenia and the event was attended by the country's prime minister. The newly launched mining firm refers itself to be the ‘World's largest' mining firm according to the local news platforms.
World's Largest Crypto Mining Farm
The newly started mining farm is most likely a joint venture by major Armenian conglomerate Multi Group, founded by oligarch, controversial mining firm Omnia tech and politician Gagik Tsarukyan.
Tsarukyan is basically the founder of the Tsarukyan Alliance, which is reportedly the second biggest parliamentary bloc in the American Parliament having the voting power of around 27%. He is most likely a “Key” business partner of former American President Robert Kocharyan.
Apart from Prime Minister Nikol Pashinyan and Tsarukyan, the event is stated to have attended by a various international businessman, with Tsarukyan saying the even has attracted guests from 40 countries. According to the report by the local news outlet, News Armenia,
“This is an important step towards the development of the information technology sector, especially since 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 cooperation.”
It has been stated that around $50 million has been invested in the creation of a new mining firm. This is equal to about 3,000 Bitcoin (BTC) and Ethereum (ETH) mining machines and possesses an overall capacity of 120,000 in future.
Controversy revolving around Omnia Tech
The report also mentions that Omnia is the owner of the equipment used in farms which belongs to the cloud mining firm Genesis Mining. It also stated the Omnia offers Genesis with mining equipment and finances its servicing.
After this, Omnia was being charged for misapplying the Genesis brand name and falsely claiming to have a strong association with the firm. Genesis reportedly mentioned that Omnia has only purchased hashpower from the firm and it is the customer. This means that both the firms were maintaining the customer-client relationship.