Eurasia’s Georgia is Experiencing Its Way from a Wine to Cryptocurrency Hub

Apr 27, 2018 at 17:35 // News
Author
Coin Idol
Georgia is becoming a cryptocurrency hub

Georgia, a country at the intersection of Europe and Asia, is turning into a cryptocurrency hub. While talking about bitcoin mining, some may consider China and Iceland to be in the lead, however, the second most profitable crypto mining country is Georgia.

Being well-known for its diversity of high-quality wine, Georgia is now being associated with cryptocurrency and bitcoin mining more and more. Such a change is possible for several reasons. Firstly, there barely exist any fintech regulations in the country. Secondly, hydropower is very inexpensive there.

Fintech Is Seen Positively by Many Libertarians in Georgia

The implementation of various financial technologies is seen by many libertarians positively. Nevertheless, there are still some people who believe the country can become an intermediary source for the global crypto coin craze. They also fear such a move won’t create many jobs and that all the gains could disappear in a moment if it all comes crashing down. The National Bank of Georgia has even issued a warning, asking people to “exercise caution” about investing in digital currencies.

Ahead of countries with a highly developed financial market, like the USA and Canada, Georgia takes second place in electricity consumption rating. The country is considered a large crypto mining hub, sheltering an impressive number of appropriate data centers. The biggest virtual coin mining institution in Georgia is Bitfury, which has in its possession a great crypto mining center in the suburbs of Tbilisi, the capital of Georgia. The organization is estimated to consume as much electricity as 120,000 households in the country.