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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.
Currently, there are two options for mining digital currencies in Georgia:
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.
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?