Tax-free mining at minimum expenses: why you should start your cryptocurrency business in Georgia
People mine cryptocurrencies all over the world: China, the US, and Canada have been leading the pack in this business for several years in a row. Currently, Georgia is ranked the second in terms of mining growth in the world. Thanks to definite national economic features, mining turns out to be a very attractive way of making money in Georgia.
What makes Georgia attractive for cryptocurrency miners?
Last year, Georgia accounted for 15% of the global mining. The figure was obtained by calculating the amount of energy consumed by cryptocurrency mining. In Georgia, the low price for electricity brought the country to the second place in the global ranking, as stated in the Global Cryptocurrency Benchmarking Study. According to Telasi and Energy-Pro Geogia, the price for electricity in Georgia is one of the lowest in the world: it's about $75 per 1 mWh for industrial enterprises for comparison, the average world price for electrical power equals to $121 for 1MWh)
Apart from the unbelievably low cost of electricity, another factor that drives the development of mining farms in Georgia is the lack of taxes for this kind of activity. Mining is not qualified as a type of business activity, and therefore is exempt from tax in the country.
In such a way, Georgia has almost ideal conditions for running a cryptocurrency mining business. Absence of taxes, low prices for electricity and non-interference of the government in the process open up great prospects for people willing to make money on digital currencies.
Georgian-style mining. What is it like?
Currently, there are two options for mining digital currencies in Georgia:
- ASIC mining is a field-specific mining technique. A specific ASIC is intended for a specific cryptocurrency type, other types cannot be mined using it;
- GPU mining uses a whole equipment network that mines any types of digital currencies. It may consist of 1-7 graphic cards and grow to make up huge server rooms.
Using the most optimal option for mining, one can develop one of the largest blockchain companies in the world. BitFury, the most powerful industrial miner after China, serves as a bright example. The company owns three big data centers, two of which are located in Tbilisi and Gori.
What is the best way of mining a cryptocurrency in Georgia?
You can learn more about cryptocurrency mining, ways of running business, and peculiarities of mining in Georgia at the first international conference Blockchain & Bitcoin Conference Georgia.
The event will bring together the best speakers in the industry-specific field and crypto experts ready to share experience as part of the panel discussion “Peculiarities of mining in Georgia: from hardware to assessment of profitability”.
Would you like to learn how to build your crypto business efficiently in Georgia?