$50 Million Bitcoin Mining Farm Opens in Armenia

$50 Million Bitcoin Mining Farm Opens in Armenia

Mining

A new cryptocurrency mining facility opened in Armenia on Oct. 18. The $50 million farm will extract bitcoin and ethereum using 3,000 machines, according to local media reports. Around 120,000 more miners are to be added in the months to come.

Also read: Marks Jewelers Now Accepts Bitcoin Cash For Payments

Multi Group and Omnia Establish Landmark Armenian Mining Facility

The mining project, spearheaded by Armenian real estate investment company Multi Group Concern and Malta-registered Omnia Tech International Company, was officially launched in the Armenian capital of Yerevan on Thursday. The country’s Prime Minister Nikol Pashinyan, businessmen and entrepreneurs from China, South Korea and the United Arab Emirates attended the ceremony, Arka News Agency reported.

$50 Million Bitcoin Mining Farm Opened in ArmeniaGagik Tsarukyan, an Armenian businessman and politician who is also founder and head of Multi Group, said the company spent $50 million creating the facility, including the installation of industrial level cooling systems. The farm’s first floor is designed for an information technology business center that runs around the clock, he explained.

According to an earlier statement by Multi Group chief executive Sedrak Arustamyan, the farm will be operated by Omnia Tech, a mining entity that offers lifetime contracts and daily payouts. Omnia Tech has said to be in partnership with Genesis Mining, a leading cryptocurrency hashpower supplier.

“We will also help Omnia Tech with the establishment of the Financial Technology Park and the data exchange center in Armenia,” Arustamyan said in April. Robert Velghe, Omnia Tech founder, indicated at the time that the two companies were planning to invest more than $2 billion in mining projects in Armenia. “We intend to create here a blockchain-based center for the development of new information projects, which will turn Armenia into a high-tech platform,” he said.

 Global Cryptocurrency Mining Operations Rise

$50 Million Bitcoin Mining Farm Opened in ArmeniaArmenia is aiming to create its own Silicon Valley by establishing a free economic zone that will host a state-of-the-art technology center, officials have said. The new mining facility, the country’s first, comes at a time when a number of countries are implementing and expanding blockchain technologies. Georgia, Armenia’s neighbor, set up its first bitcoin mining farm two years ago.

In August, Russian company Kriptoyunivers announced it had transformed a former fertilizer laboratory into a cryptocurrency mining operation. The center, which supports the mining of bitcoin and litecoin, was built over 4,000 square meters of land in the town of Kirshi near St. Petersburg, with an investment of 500 million rubles ($7.4 million). Although Moscow has cracked the whip on illegal attempts at cryptocurrency mining, Russia is still the third largest cryptocurrency producer in the world after China and the United States.

What do you think about the new mining facility in Armenia? Let us know in the comments section below.


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi Pulse, another original and free service from Bitcoin.com

Only 39 Percent Pass Malta’s Cryptocurrency Exam for Financial Services Practitioners

Only 39 Percent Pass Malta’s Cryptocurrency Exam for Financial Services Practitioners

Regulation

The pass rate for the exam developed by the Maltese government for financial services practitioners seeking to obtain cryptocurrency agent certification is reportedly only 39 percent. The exam is part of the requirements mandated by the country’s newly established Virtual Financial Assets Act.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Low Pass Rate

Only 39 Percent Pass Malta’s Cryptocurrency Exam for Financial Services PractitionersUnder Malta’s Virtual Financial Assets (VFA) Act, practitioners who wish to act as agents in the field that includes cryptocurrencies and initial coin offerings (ICOs) must successfully complete a short training course and pass an exam.

Noting that the first exam took place in September, the Times of Malta reported on Thursday:

Nearly two-thirds of those applying for cryptocurrency agent certification failed the official assessment process despite last-second changes intended to boost the pass rate.

Only 39 Percent Pass Malta’s Cryptocurrency Exam for Financial Services PractitionersThe exam was set by the Malta Financial Services Authority (MFSA) and administered by the Institute of Financial Services Practitioners.

The news outlet quoted sources revealing that about 250 lawyers, accountants, and auditors took the exam, which consisted of a series of multiple choice questions. “Once the exam papers were graded, it became clear the pass rate was extremely low,” the publication conveyed, adding that “Even after the changes the pass rate was just 39 percent.”

License Required

According to the MFSA’s consultation document for VFA service providers, “any person who is providing a VFA service … shall within twelve months apply for a license with the competent authority in terms of Article 14 to the Act,” the CBS Group described.

Only 39 Percent Pass Malta’s Cryptocurrency Exam for Financial Services PractitionersThe MFSA wrote, “It has also become evident that certain industry players are not sufficiently prepared to register as VFA agents.” The regulator, therefore, proposes a number of additional rules for them to comply. They include increasing the initial and ongoing capital requirements as well as regulatory fees. In addition, the MFSA proposes “introducing a rigorous competence assessment” and “a mandatory requirement for Continuous Professional Education.”

The Times of Malta elaborated, “The VFA Act is one of three new laws forming part of the government’s ‘Blockchain Island’ strategy and which seek to regulate the blockchain and cryptocurrency sector,” adding that “It will enter into force in November.” Other than trading cryptocurrencies and issuing ICOs, the publication explained:

Companies looking to provide other virtual financial asset services, such as portfolio management or investment advice, also need an agent to apply for a licence.

What do you think of the low pass rate for the Maltese cryptocurrency agent certification exam? Let us know in the comments section below.


Images courtesy of Shutterstock and MFSA.


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Marks Jewelers Now Accepting Bitcoin Cash for Payments

Marks Jewelers Now Accepting Bitcoin Cash for Payments

Services

U.S. jewelry retailer Marks Jewelers has started accepting payments in cryptocurrency, including bitcoin cash. Shoppers can now pay for luxury goods such as fine diamonds, watches and engagement rings using BCH and seven other digital currencies.

Also read: Report: Emerging Markets See Sharp Growth in Cashless Transactions

Retailer to Cut Costs with
Low BCH Transaction Fees

In addition to BCH, the company is now accepting payments in cryptocurrencies such as bitcoin and ether. “This will allow us to make our fine jewelry available to the global market while paying lower fees and avoiding chargebacks,” Joshua Rubin, director of marketing at Marks Jewelers, said in an online statement. Marks Jewelers Now Accepting Bitcoin Cash for Payments

Marks Jewelers is already one of the biggest jewelry retailers in the U.S. market. But Rubin said that the new payment methods, established in partnership with e-commerce platform Shopping Cart Elite, will help to expand access to its jewelry range for buyers throughout the world. The Pennsylvania-based company, which has sold diamonds and jewelry for 35 years, said that the removal of currency conversion charges will help it cut costs. It wants to pass those savings over to jewelry shoppers in the form of lower retail prices.

Cheaper Than Credit Cards

Marks Jewelers joins a growing list of jewelry retailers, including Samer Halimeh New York and Reeds, that are starting to accept payments in cryptocurrencies such as BCH. Bitcoin cash offers fast, reliable and inexpensive transactions compared with traditional means of sending money. Marks Jewelers Now Accepting Bitcoin Cash for Payments For example, credit and debit card providers generally charge fees that are as much as 3.5 percent of every transaction. That compares with transaction fees of around $1 or less for cryptocurrency-based purchases, regardless of the amount of each transaction.

According to Coinline, which provides a directory of merchants that accept payments in bitcoin cash, more than 210 retailers throughout the world now handle transactions in the cryptocurrency. Australia is home to the greatest concentration of merchants that welcome BCH as a form of payment, with about 80 locations in total accepting it.

What do you think about using cryptocurrencies such as BCH to pay for retail goods? Let us know what you think in the comments section below.


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi Pulse, another original and free service from Bitcoin.com