Category Archives: Armenia

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Armenia’s New Crypto Mining Farm Receives Visit From PM

The opening ceremony of Armenia’s newest cryptocurrency mining farm boasted of attendance from the country’s top governmental officials, including the Prime Minister.

Amenia’s capital city of Yerevan hosted the ceremony, with those behind the mining farm touting the project as one of the ”world’s largest.” These founders include Armenian conglomerate Multi Group, notoriously founded by oligarch and local politician Gagik Tsarukyan, as well as the controversial international mining firm Omnia Tech.

The Prime Minister of Armenia Nikol Pashinyan was accompanied at the event by Tsarukyan. Tsarukyan also founded the national Tsarukyan Alliance party which currently holds the second largest bloc in Armenia’s parliament.

Other significant attendees of the event include a number of international businessmen reportedly from ”almost 40 countries.”

News Armenia hailed the opening ceremony as a success for the country’s technology sector, adding that ”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 operation.”

According to the report, USD 50 million was invested in this particular mining farm, with 3,000 machines in operation to produce both Bitcoin and Ethereum, provided by Omnia.

While News Armenia writes ”Omnia provides Genesis with mining equipment and finances its servicing,” in 2017 Omnia was slammed by Genesis for repeatedly misappropriating its brand name.

We received a few inquiries about Omnia recently. We hear that they are still using our brand name in presentations, however, they have never purchased equipment from us after their launch. Omnia has been asked to delete all references to GM. Thank you.

— Genesis Mining (@GenesisMining) November 24, 2017

Genesis says that while Omnia purchased hashpower from the mining firm, there is no official partnership or association with the high profile firm beyond these standard purchases.

A further controversy involving Omnia comes from security researcher Chris Kubecka’s claims that the company is operating a pyramid scheme.

An article he wrote on the matter reads: ”there is zero guarantee if you pay an MLM (multilevel marketing) company to use Genesis mining, they won’t keep your money without mining any coin.”

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Chechnya Eurasian Crypto Mining Pool to Boost EAEU Nations

Eurasian Economic Union Countries (EAEU) are to receive some support in their crypto mining activities suggests Ramzan Kadyrov, leader of the Chechnya Republic.

According to the head of state’s press secretary Alvi Karimov, Chechnya has come up with a plan to create a mining pool to support mining in the Eurasian region by pooling resources of regional crypto miners.

Situated in the eastern part of the North Caucasus, partially in Eastern Europe, Chechnya is surrounded on nearly all sides by Russian Federal territory. In the west, it borders North Ossetia and Ingushetia, in the north, Stavropol Krai, in the east, Dagestan, and to the south, Georgia. Its capital is Grozny.

Chechnya is a federal subject of the Republic of Russia, which has once entertained the thought of a crypto-ruble in the past, despite attacking public cryptocurrency adoption. Although Chechen authorities have not outwardly supported cryptocurrency adoption themselves, the government has begun to demonstrate an interest in implementing blockchain and electronic payments systems. In a surprise move earlier this year, President Kadyrov publicly became a private cryptocurrency investor himself after slamming the concept, maintaining:

“Someone who puts money into cryptocurrencies expects their value to increase many fold… Their price grows only at the expense of investors’ greed. Those people are trying to draw in new investors and then get rich thanks to their greed.”

Ten days later the unpredictable Kadyrov bought his first Bitcoin. He said, “I’ve made up my mind to buy a share of bitcoin to follow the evolution of the cryptocurrency,” he further added: “I have already stated that blockchain will be introduced in the Chechen Republic and I am also interested in innovative payment networks.”

Although, the head of state calls for further regulation to protect Chechen citizens from “financial pyramids and other fraudulent schemes,” he wants miners from Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan to unite to create the new pool.

It is likely that President Kadyrov is buoyed by neighboring Russia’s increased mining activity with 400,000 people now employed in the sector. 70,000 enterprises operate hundreds of thousands of mining rigs. Russian money going towards foreign enterprises through crypto mining is also on the increase, a fact that has driven pooling ideas.

As a result, the RACIB has linked up with Crypto Universe Company to develop two mining pools under the project name “Mine Russia”.  Each of the pools is speculated to support 3000 units, mining a range of cryptocurrencies. One of the main aims of the project is to cut back on the amount of Russian money going towards foreign enterprises through crypto mining. The Russian Association of Crypto Industry and Blockchain’s (RACIB) president has vowed that there will be no hidden fees for the transfer of assets or connecting the mining equipment to the pools.

The Chechen pool will jump-start the ‘Crypto Chechnya’ program, which is aimed at developing the region’s economy with the use of blockchain technologies. The government has confirmed that before the mining pool can be launched, the adoption of the laws regulating the operation of cryptocurrency in the territory of Russia needs to be ratified; possibly later this year as a new bill passes through the Russian State Duma.

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Moscow to Use Ethereum to Oversee Farmers’ Markets Allocations

Moscow is going ahead with plans to develop a system using the Ethereum blockchain which will simplify the allocation of commercial trading plots to farmers.

The system is designed to allocate some 1,500 trading spots which become available each year with 20,000 farmers scrambling for a foothold in the April to November agricultural season. The race for a livelihood is enormously competitive, with farmers from Russia and original federated states, Armenia, Belarus, Kazakhstan and Kyrgyzstan, all vying for a place to conduct weekend trade in the nation’s capital.

Along with allocation of the spots, blockchain should help with recording applications and keep details of those who have been denied access to a trading location. Blockchain product manager at Moscow City Hall, Andrey Borodyonkov sees the use of blockchain as a huge advantage, commenting, “Blockchain is an additional guarantee that the incoming applications remain immutable as well as makes the audit of the application history possible.”

Until now, farmers have had issues with the current method of allocating trading spots, receiving little to no indication from City Hall as to why unsuccessful requests to trade in the capital had been denied. Also, with the blockchain system, the risk of any allegations of fraud or tampering with requests will be eradicated. A government statement suggested:

“The entire dataset is publicly viewable, transparent and available for download. In that case, submission time can be confirmed, while the application cannot be deleted or altered by someone once it is submitted.”

Andrey Belozerov, an adviser to Moscow City Hall, is particularly happy with this outcome as he sees it as offering clarity to farmers:

“We believe that farmers should have a transparent system to see why their application is declined or approved…blockchain is to make sure that the process is fully transparent and no one can alter an application. We hope that blockchain will provide full transparency for everyone.”

Moscow City Hall, which has recently formed a new department called Product Blockchain, is clearly intent on putting the new technology into commercial use at government administrative level since hiring blockchain developers back in 2016.


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