Georgia is on the way to becoming the Bitcoin innovation hub. According to a 6 bn private equity fund Georgian Co-Investment Fund (GFC)’s statement, a bitcoin company BitFury will build world’s largest mining data center in Tbilisi.
“We are pleased to announce the first stage of our investment in BitFury, the world’s leading bitcoin tech and mining company. This cooperation will allow us to undertake the world’s largest bitcoin mining operations in Georgia and meet the growing consumer demand for cutting-edge bitcoin products. GCF is proud to be bringing the revolutionary technology to Georgia,” Commenting on the investment, Mr. George Bachiashvili, CEO of GCF, said.
The proceeds from the financing will enable BitFury to roll out its next generation proprietary semi-conductors, ASICs (Application Specific Integrated Circuits) and custom servers, supporting the world’s largest bitcoin mining data center development in Georgia.
“We are excited to partner with and attract institutional capital from the Georgian Co-Investment Fund. This financing round will help BitFury increase its leadership position and bring the company closer to its aspirations of becoming the world’s first publicly-listed bitcoin business. The decision to develop the world’s largest bitcoin data center in Georgia was driven by the country’s business friendly environment and favorable investment climate,” Mr. Valery Vavilov, CEO of BitFury said.
Georgia was picked as the bitcoin destination not only for its manageable size and the beneficial investment environment but also because the electricity prices in the country are relatively cheap. Large Bitcoin data centers may require amount of electricity suitable to sustain a hydroelectric dam.