Georgia is one of the most crypto friendly countries in the world. Strategically located at the crossroads of trade and commerce between East and West, Georgia is ideally positioned to access markets of Asia, Middle East, as well as Europe and the CIS countries.
Nowadays Georgia is quickly adopting blockchain technologies, it is the first country to secure land titles on the Bitcoin blockchain, there are around 60 thousand ATM’s were you can buy BTC and other major cryptocurrencies. There has been a rapid rise in producing Hydropower energy, which resulted in one of the most competitive electricity prices as cheap as $0.05 KW/h. The low energy price encouraged people to start mining in Georgia and the country quickly became one of the biggest producers of Bitcoin.
Based in Georgia, BitFury is a company known for being one of the largest players in the Bitcoin mining business segment – developing and selling efficiency streaming hardware to Bitcoin users and businesses. Bitfury is one of leading full service Blockchain technology companies and one of the largest private infrastructure providers in the Blockchain ecosystem. As such, as of 2016, BitFury was mining about 15% of all bitcoins.
Georgia is one of the leaders in its region in introducing innovative technologies and digital currencies, it appears in the latest report of the World Bank, entitled “Cryptocurrencies and blockchain: Economic Report on Europe and Central Asia 2018”.
Economic growth in the countries of Europe and Central Asia is at its peak, reaching 2.7% last year and already 2.3% this year. According to the report, such states as Georgia can use new digital technologies to improve various services and modernize financial processes.
GEORGIA IS ONE OF THE LEADERS IN ITS REGION IN INTRODUCING INNOVATIVE TECHNOLOGIES AND DIGITAL CURRENCIES.
For several years now, Georgia has been tipped to the world mining centers as a country with low electricity tariffs. Like many things in the Caucasus, there are many unexplainable things in mining in Georgia. In particular, it is not clear why the main mining centers are Tbilisi and Gori, while, logically, the second center should have been the second largest city – Kutaisi, next to which is the Rion hydropower station. In general, despite the fact that the Georgian hydropower plants are in dire need of modernization, hydropower resources due to the relief of the country and the height differences between the mountain east and south of the country and the western Colchis lowland are enough.