consumes an average of 27-28 million KWh / h of electricity a month. This is almost five times
more than Tbilisi Metro and twice as much as the electricity consumed by the
Metro guzzles on average of 65 million kWh a year (about 5,4 mln kWh per month)
and Georgian Railway - 13-15 mln KWh / h a month.
operates in Georgia and is one of the biggest players in the Bitcoin mining
sector. According to the data of 2016, BitFury accounted for 15% of all bitcoin mining, " Western media reported a few weeks ago.
Georgia, the bulk of bitcoin mining is
done in China and America.
mining, as a result of the complex mathematical algorithms, the computer
generates new bitcoins. Over time, bitcoin mining becomes more and more difficult,
and for successful mining more electricity is needed. More energy means increased
costs. That is why, in order to optimize expenditures, mining is
reasonable in the countries with cheap electricity.
At the time when Georgia has the world’s
third largest bitcoin mining pool, which
coincided with the increase in tariffs on electricity, experts, politicians and
the whole society had a number of question marks over Bitfury Group's activity in Georgia, especially
regarding electricity consumption and preferential tariffs.
BITFURY published information on the costs of the mining center located in the
Tbilisi Free Economic Zone (FEZ).
turns out that the tariff for the company is currently 13. 65 tetri per
kilowatt, until the end of 2017, that is, before the rise in electricity
prices, it was 12.3 tetri. At the same time, BITFURY does not pay VAT, which is
2. 46 tetri per kilowatt.
media reports, in December 27 million kWh worth GEL 2. 2 million were
consumed on the production of bitcoin
s. In November, the company's energy
expenses amounted to 28.5 million kWh worth GEL 3, 5 million.
company also states that former Prime Minister of Georgia, billionaire and head
of the ruling party Bidzina Ivanishvili has nothing to do with BITFURY and the
Georgian Co-investment Fund.
3 years we have invested $ 140 million in Georgia and have employed 180 people,
100% of employees are local citizens, and the average salary of employees of the
mining center is GEL 2,500. We did not enjoy any privileges in obtaining
electricity, and always paid at a market rate. As for the Tbilisi Free Economic
Zone, it operates according to the same rules and laws as other economic
zones in Georgia - in Kutaisi and Poti, " BITFURY states.
owns a bitcoin
farm on the outskirts of Tbilisi, on an area
of 18 hectares, where a free economic zone was created. The power capacity of the data center is 40megawatts.
the company owns
another mining center in Gori, whose capacity is half less.