The small country of Georgia, is currently placed as the second most profitable region in the world for cryptocurrency mining just after China.
Georgia- a Hot Spot for Crypto Miners
The Eurasian state of Georgia has been gaining popularity amongst miners these days, as the region became a prosperous crypto mining hub where entrepreneurs are seeking to profit. Georgia is a democratic nation situated at the junction between Eastern Europe and Western Asia.
In the past few years, bitcoin and altcoin miners have been setting their operations in the Georgian state because has no strict regulations concerning cryptocurrencies and it has cheap hydropower.
NPR reported recently that the U.S. based firm Bitfury used to own most of the mining facilities in this country, but there are many other smaller facilities operating as well. The company’s Georgian mining facilities were set outside of the Tbilisi region but it was reported that the company’s main data center was sold recently.
Many domestic miners have been relocating to Georgia as well, like Bezhani Buzhaidze, a Telavi denizen who makes his living by mining bitcoin and zcash. Buzhaidze explains in his latest interview that last year he was making around $800 USD every thirty days mining zcash, and the electricity costs added up to $80 per month.
“We won’t need banks anymore,” Buzhaidze stated. “It will be good for society.”
Buzhaidze also said that four of his friends were also contributing to the Georgian mining industry. It appears that cryptocurrencies have given Georgians the hope of one day benefiting from a technology that will free markets worldwide and make establish their financial freedom.