Azerbaijan preparing to launch new bitcoin mining farm

ICT Materials 28 August 2018 12:43 (UTC +04:00)

Baku, Azerbaijan, Aug. 28

By Huseyn Veliyev – Trend:

The High Technologies Park LLC is preparing to launch a new bitcoin mining farm this autumn, a source on the country's IT market told Trend.

The premises which will be allocated for these purposes is already ready, and the only thing that is needed, is to obtain the corresponding permission for operation of the building, the source told Trend.

"The mining farm will be accommodated in Pirallahi Technopark LLC. Those wishing to become participants of the project can apply and install their solutions for mining in the building," the source said.

The equipment will be installed on the allotted area of 300 square meters. The project provides for the installation of several hundred pieces of equipment for mining, which will need to attract investment in the amount of about one million manats.

The mining farm will be provided with electricity from alternative energy sources (wind and solar energy).

Currently, the cryptocurrencies’ mining farm is operating at the premises of Sumgait Technologies Data Center (STDC) LLC at the Sumqayit Chemical Industrial Park. The project is implemented with the support of "Azerenerji" OJSC company.

"If we talk in general about the cryptocurrency market of the country, the efforts to purchase mining equipment have decreased. The prices for ASIC (Application-Specific Integrated Circuit) microchips have also decreased significantly. The drop in interest is due to the fact that the price of bitcoin has stopped growing. Therefore, the market is still waiting. In order to make mining profitable, it is necessary to acquire a large number of ASIC microchips," the source said.


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