BitFury is Acquiring a Privatized Land Plot in the Republic of Georgia to Build a Technology Park
BitFury Group, the leading Bitcoin Blockchain infrastructure provider and transaction processing company, announced today that it is acquiring a privatized 185,000 sq. m land plot located in Gldani District in Tbilisi from the Georgian National Agency of State Property to develop the Georgian Technology Park project.
BitFury will be the first tenant in the Technology Park where it will build a mega data center with up to 100 MW energy capacity to process transactions using its latest generation 28 nm and the upcoming 16 nm ASIC chips.
The new project will take full advantage of the proprietary immersion cooling technology enabled by Allied Control which BitFury has acquired earlier this year. The company has developed its third generation immersion cooling system to create energy-saving data center cooling systems for high performance computing applications.
The CEO of BitFury Valery Vavilov commented: "We are pleased to commence our new project in the Republic of Georgia which envisages the development of the special technology zone with the aim of attracting international technology players, as well as building our latest mega data center. Our investment decision was made based on our previous experience of doing business in the Republic of Georgia. Our current data center located in Gori in Georgia, which was developed in cooperation with Georgian Co-Investment Fund, proved to be a major success, and as a result, we saw further potential in continuing doing business and investing in this country.”
BitFury currently has two data centers: in Iceland and the Republic of Georgia. The company chose Georgia because of the country's attractive investment climate and ease of conducting business. Low energy cost and competitive labor market have also played big part in the decision-making.
About BitFury Group
BitFury Group is the leading Bitcoin Blockchain infrastructure provider and transaction processing company. Founded in 2011, BitFury has management offices in San Francisco and Amsterdam, as well as data-centers in Iceland and the Republic of Georgia. BitFury derives sustainable advantage through its custom-made application-specific integrated circuits (ASICs), optimized to achieve the lowest power consumption coupled with the highest processing metrics – the parameters that drive mining margins. BitFury has an impressive track record, having successfully delivered several prior generations of silicon and has a roadmap to at least double performance-per-watt every 6-12 months. BitFury’s management team and board include seasoned industry veterans with a history of execution in silicon engineering, operational build-up and capitalizing businesses.
For more information on BitFury Group, please visit: http://www.bitfury.org/
Follow BitFury Group on Twitter: https://twitter.com/BitFuryGroup
Like BitFury Group on Facebook: https://www.facebook.com/BitFury
Connect with BitFury Group on LinkedIn: https://www.linkedin.com/company/bitfury
*3M and Novec are trademarks of 3M Corporation.
Related News
Compared to the 2014 rout, Bitcoin price seems to have stabilized near lower levels. Many in the industry expected at least a shutdown of the major businesses involved in Bitcoin mining. But as the price forms a base near $200-220, Bitcoin mining companies are sensing an opportunity to expand their infrastructure and increase their market share. Two of the world's leading Bitcoin mining companies, BitFury and KnCMiner, are going ahead with their expansion plans even in the current low-price environment. BitFury recently announced that it is acquiring a privatized land plot in the Republic....
BitFury, the Bitcoin blockchain infrastructure provider, has announced some great things this month. Early in September the company announced its 16 nm (application-specific integrated circuit) chip that will operate with the fullest proprietary immersion cooling technology implemented by Allied Control a company acquired by BitFury. Then, just this....
Global bitcoin blockchain infrastructure provider and transaction processing company BitFury is planning to invest US$100 million to build its second data center in Georgia’s capital Tbilisi and the first technology park. The new 100MW bitcoin mining data center will be built on 185,000 square miles of land developed by The Georgian National Agency of State Property called the “Special Technology Zone,” a project aimed to attract international technology firms and investors. BitFury Georgia Official Eprem Urumashvili in a statement: "Georgia will have three main benefits – a US$100m....
The Republic of Georgia’s National Agency of Public Registry, renowned Peruvian economist Hernando De Soto and Bitcoin company BitFury announced a partnership to design and pilot a blockchain land titling project, Forbes reports. The announcement was accompanied by a signing ceremony at the Georgian Ministry of Justice. “By building a blockchain-based property registry and taking full advantage of the security provided by the blockchain technology, the Republic of Georgia can show the world that we are a modern, transparent and corruption-free country that can lead the world in changing....
In April 2016, the Republic of Georgia’s National Agency of Public Registry (NAPR), renowned Peruvian economist Hernando De Soto, and Bitcoin company Bitfury announced a partnership to design and pilot a blockchain land-titling project. Now, Bitfury and NAPR have signed a new Memorandum of Understanding (MOU) to expand the blockchain solutions developed by the project to other government departments. “There is a great deal of unrest around the world due to broken and friction-filled systems, and governments, institutions and businesses are looking for better solutions that can serve the....