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. Oasis for miners Georgia’s economy is actively developing, but it has not yet grown up to the level of other developed countries. In 2015, in order to …

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 smaller, solo miners that tap into enormous amounts of hydroelectric power. The country packs a punch for Bitcoin mining. While the Cambridge Bitcoin Electricity Consumption index puts Georgia’s hash rate at 0.18%, a …

Residents of Svaneti, Georgia, have reportedly been made to pledge a holy oath they will not mine cryptocurrency in order to deal with energy shortages blamed on Bitcoin mining. The economy of the northwest Svaneti region of Georgia depends on tourism spending, which rose every year from 2000 to 2019 according to Macrotrends. As a result of the Covid-19 pandemic, however, tourism plummeted in 2020 and has only recently begun to return to pre-Covid levels of growth. To make do, hundreds of residents turned to mining crypto which has been blamed for severely disrupting the electrical supply. A video cited …

The National Bank of Georgia said that it is considering launching a central bank digital currency, or CBDC. In an announcement on Wednesday, the central bank hinted at the issuance of a CBDC in an effort “to enhance efficiencies of the domestic payment system and financial inclusion.” The NBG said it would be inviting fintech firms and other financial institutions to participate in the project, named "Digital Gel" after the symbol for the country’s fiat currency, the lari. “CBDC holds the promise to unlock the tremendous value of innovative business models for the benefit of society,” says the announcement. “The …