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Georgia remains one of world's largest cryptocurrency miners

Business Materials 8 January 2021 17:16 (UTC +04:00)
Georgia remains one of world's largest cryptocurrency miners

BAKU, Azerbaijan, Jan. 8

By Tamilla Mammadova – Trend:

Georgia is one of the world's largest cryptocurrency miners due to its favorable business climate and relatively low (by world standards) electricity tariffs, Trend reports via Georgian media.

Meanwhile, bitcoin is breaking all records on the international market and its price has already exceeded $40,000.

The 2020 energy consumption report said, that Georgia's largest players in the Bitcoin mining business segment Bitfury consume almost 5 percent of the country's electricity.

According to the current legislation, all companies that consume more than 15 million kWh per month are obliged to undergo special registration in order to receive energy directly from suppliers, bypassing the distribution network.

As reported, 13 companies were included in the list of Georgia’s largest energy consumers such as Georgian Manganese (910 million kWh per year), Rustavi Azot (242.6 million kWh), Heidelberg Cement (185.3 million kWh), Georgian Water and Power (163 million kWh), Rustavi Steel (155.4 million kWh), and Bitfury (109.9 million kWh).

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