Typically when people think of bitcoin mining operations they look to countries like Iceland and mainland China. However, most people do not know that the small country of Georgia, a region of Eurasia, is ranked the second most profitable area in the world for cryptocurrency mining just below China.
Also read: Russian Regulators Draft Law to Restrict Crypto Mining, Payments, and Token Sales
Cryptocurrency Miners Are Flocking to the Small Country of Georgia
The country of Georgia is well-known for its wine, but these days the region has also become known for its blossoming cryptocurrency mining hub where entrepreneurs are looking to profit. Georgia is a democratic nation-state located between the crossroads of Eastern Europe and Western Asia. Over the past few years, bitcoin and cryptocurrency miners have been flocking to the Georgian region due to the country’s lack of regulations and inexpensive hydropower. According to a recent NPR report, the U.S. based firm Bitfury once accounted for most of the Georgian mining facilities, but there are many other smaller operations as well. The company’s Georgian mining facilities existed outside of the Tbilisi region but, according to reports, the company’s main data site was recently sold.
The country of Georgia once known for its wine country is now becoming a bitcoin mining country.
Many home miners have been setting up shop in Georgia as well, like Bezhani Buzhaidze, a Telavi resident who subsidizes his income by mining bitcoin and zcash. Buzhaidze explains in his recent interview that last year he was raking in roughly $800 USD every thirty days mining zcash, and the electricity costs were only $80 per month. Buzhaidze explains that four of his friends are also participating in the Georgian mining industry. Moreover, cryptocurrencies have also brought
