Georgia punches well above its weight for Bitcoin mining: Report
The tiny population of Georgia is a dark horse for Bitcoin mining, contributing close to 1% of the industry’s total hash rate, according to a report by Arcane research. At first glance, the pint-sized Republic of Georgia is an unlikely suspect for Bitcoin (BTC) mining activity. An underdog for mining, the country boasts abundant hydropower while ranked seventh worldwide for the World Bank’s ease-of-doing-business index — ahead of the United Kingdom and Germany.Nestled on the Black Sea at the intersection of Europe and Asia, Georgia hosts Bitfury’s industrial mining operations as well as....
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The research report blamed the increase of Bitcoin’s carbon footprint on the China mining ban and claimed Chinese miners were more renewable-energy-focused. Bitcoin network’s proof-of-work mining consensus has been a topic of environmental, social and governance debates for a long time, and a new study may only add to the growing controversy around Bitcoin’s carbon footprint.A new research report titled “Revisiting Bitcoin’s carbon footprint” published in the peer-reviewed scientific journal Joules has highlighted that the Chinese crypto mining ban might not have contributed to the....
Georgia’s crypto mining economy has evolved into a global leader in recent years, largely because of low taxes and affordable electricity rates, as well as a libertarian regulatory environment. Despite its small population, Georgia contributes nearly 1% of the industry’s total hash rate, according to a study by Arcane Research. Although Georgia is a non-entity […]
The renewable bitcoin mining company acquired a new facility in Georgia which will hold up to 70,000 mining rigs at full capacity by the end of next year.
On Tuesday, the bitcoin mining company Cleanspark announced it acquired a plug-in-ready bitcoin mining facility that is scalable to 86 megawatts (MW) of capacity. Presently, the newly opened site in Washington, Georgia, has 36 megawatts, which is expected to give Cleanspark’s hashrate a 38% boost this quarter. Publicly-Listed Bitcoin Miner Cleanspark Expands Operations in Georgia After Cleanspark Inc. (Nasdaq: CLSK) revealed last month that it acquired 1,061 bitcoin miners at a “discounted price,” the company announced it has acquired a new facility in Washington, the....
The National Bank of Georgia is taking steps to regulate the crypto market in the Southern Caucasus country, its governor revealed in a recent interview. While companies in the industry are to expect a licensing regime, financial institutions have already been banned from providing crypto-related services. Central Bank of Georgia to Propose Cryptocurrency Regulations Georgia’s monetary authority is planning to introduce rules for operations in the nation’s crypto space. The financial regulator has drafted new legislation to achieve this, the bank’s Governor Koba....