Armenian miner ECOS has increased its capacity for mining cryptocurrencies

The Armenian mining company ECOS, against the background of the redistribution of the capacities of Chinese companies, is expanding its capacities with the support of the state.

ECOS Marketing Manager Anna Komashko spoke about the modernization of the enterprise in Hrazdan, which made it possible to launch a cloud hosting with a capacity of 60 MW. Komashko explained that the government is “positioning Armenia as a blockchain country.” This is manifested in the tax incentives that are provided to companies wishing to operate in the free economic zone (FEZ) of Armenia.

“The main goal of creating a free economic zone in Hrazdan was to attract businesses to the development of high technologies, to help startups creating products in the field of blockchain and cryptocurrencies. That is why special preferential terms are applied to companies,” she said.

Companies do not pay value added taxes, customs duties or taxes on property and real estate. ECOS secured a 25-year contract for uninterrupted power supply thanks to incentives. The cryptocurrency investment platform has been operating a mining center on the territory of the Hrazdan power plant since 2018.

Four years ago, local authorities commissioned the company to develop a free economic zone (FEZ) in order to use the energy facility for a data center and cryptocurrency mining.

The agreement between the operator and the government of Armenia provides for the promotion of foreign direct investment and the creation of products / services in the field of information technology.

In June, Chairman of the State Revenue Committee of Armenia (SRC) Rustam Badasyan stated that due to the increase in the number of crypto-crimes, separate legislation is required to regulate the digital asset industry.