July 20, 2024

Copy-paste | Georgian economy keeps on mining

Income from mining in the country amounts to about 4.3% of annual GDP, and more than200,000 people.

Mining in Georgia has become almost nationalbusiness. Today, entire technology parks for cryptocurrency mining are located in the country, and income from activities exceeds $700 thousand. Georgia is one of the three countries with the largest volume of cryptocurrency mining, second only to China and Venezuela. Mining volumes in Georgia are only increasing every year. There are two reasons for this: cheap electricity and the government’s loyal position towards blockchain technologies and mining in particular. 5% of the country’s population is engaged in cryptocurrency mining, and the same number of miners are not residents of Georgia, but actively invest money in data centers that engage 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/