The tiny European nation of Georgia is growing in its enthusiasm for Bitcoin mining and crypto.
Jaran Mellerud, an analyst for Arcane Research and author of the report, told Cointelegraph:
“Home mining is big in Georgia, especially in regions with subsidized electricity. As long as there are electricity subsidies in certain regions of the country, people will continue setting up small home mining operations.” The report identifies at least 125 MW of crypto mining capacity, of which 62 MW derives from industrial-scale data centers."The remaining 63 MW should then come from lots of small amateur setups scattered around the country in homes, garages, abandoned warehouses and factories."
Mellerud concludes that the real number for Georgia’s total hashrate is in the region of 0.71% because “100 MW of Georgia's 125 MW total crypto mining capacity is dedicated to Bitcoin and that Georgia's hardware is as efficient as the network average.” It is multiples higher than CBECI's 0.18% estimate, he added.
However, while the trend of Bitcoin miners moving to untapped energy resources, cheap energy, or merely cost-efficient places to do business is not new, it is a double-edged sword.
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