Dispatch From Georgia: Why Is This Small, Former Soviet Country So Popular Fo...
Bitcoin miners have an outsized presence in Georgia, but what’s so special about the country’s attitude, energy mix and regulatory environment?The below article is part of a larger series on Bitcoin mining around the world compiled by the team at Arcane Research.Bitcoin miners have an outsized presence in Georgia, considering the country’s tiny geographical size and small population. What makes this former Soviet republic so attractive to bitcoin miners?I lived in Georgia for six months and have first-hand knowledge of its bitcoin mining industry. Using that knowledge and a range of....
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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 […]
A combination of laissez-faire factors has created a beneficial environment for cryptocurrency mining in Georgia. Who would have thought that a small country in the Caucasus Mountains could become one of the world’s leaders in cryptocurrency mining?Despite its small size and population, Georgia has become a popular spot for cryptocurrency mining thanks to its cheap electricity, the absence of legislative restrictions and attractive tax incentives. This combination of factors has engaged not only Georgian citizens but also foreigners who want to try their hand at cryptocurrency mining.....
UniPAY, an e-wallet in the country of Georgia, has partnered with Snapcard, the San Francisco, Calif. -based bitcoin payment processor and wallet, to offer customers the option of using cryptocurrency at e-commerce sites globally and to convert between local fiat currency and crypto. UniPAY allows users to use bitcoin, Litecoin, Dogecoin. UniPAY will also begin offering merchants a bitcoin payment option. UniPAY is one of the largest payment service providers in Georgia processing payments for local mobile carriers, internet service providers, airlines, utility companies, and gaming sites.....
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....
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....