April 1, 2023

Copy-paste | Georgian economy keeps on mining

Mining revenues in the country make up about 4.3% of annual GDP, and more than cryptocurrencies are involved in mining 200,000 people.

Mining in Georgia has become almost nationalbusiness. Today, entire technology parks for cryptocurrency mining are located on the territory of the country, and income from operations exceeds $ 700 thousand. Georgia is one of the three countries with the largest cryptocurrency mining volumes, giving way only to China and Venezuela. Mining volumes in Georgia are only increasing every year. There are two reasons for this: cheap electricity and a loyal position of the government towards blockchain technologies and mining in particular. 5% of the country's population are engaged in cryptocurrency mining, as many miners are not residents of Georgia, but they are actively investing in data centers that are engaged in industrial mining.

Copy-paste | Georgian economy keeps on mining

It is worth noting that 10% of all consumedMining centers account for the electricity in Georgia, the largest of which is the Dutch data center Bitfury. In 2014, the company launched its own data center with a capacity of 20 MW in the Gori region, and a year later announced the launch of a second center with a capacity of 40 MW, thereby strengthening its capacity in the country to 60 MW.

Bitfury created in Georgia Freeindustrial zone. According to established PPE rules, enterprises are exempted from taxes and customs duties. In addition, there is no currency regulation, and utilities are cheaper than anywhere else in the city.

Such loyalty of the state to miners worries the world economic community. The IMF is already interested in accounting for funds received from mining.

Continued on the link: https://beincrypto.ru/ekonomika-gruzii-derzhitsya-na-majninge/