According to experts, the Caucasian state of Georgia may become the pioneer among the former USSR countries in terms of Bitcoin mining technologies and innovations.
Such are the conclusions made by Bitcoin community after Georgian Co-Investment Fund published their press-release announcing the prospective of building world’s largest mining complex in the country. The project is considered to be economically viable, and is expected to bring substantial gain to Georgia in the long run.
The construction of the complex is pursued by BitFury, and the possible investments are estimated to exceed $6 billion (!). In addition, one of the stages of turning the mining complex into reality is establishing a Bitcoin data center, which is also planned to be the largest in the world. Another positive aspect for Georgia lies in the fact that the construction of the facility will result in a surge of IT development.
As reported by the authors of the project, favorable economic conditions were not the only reason why Georgia was chosen for Bitcoin mining center construction. Another important factor are reasonable electricity costs – the projected gross energy consumption of the mining complex is comparable to the capacity of a small hydro-plant.
According to preliminary data, the project will be jointly financed by Turkish, Chinese and Azerbaijani