One of the leading countries in block chain registration has gained a prestigious position in the digital currency industry. The most important factors of Georgia’s success are: low cost of electricity, suitable weather conditions, high-speed internet platform, types of tax exemptions in the field of digital currencies, low cost of buying or renting space necessary for mining digital currencies, transparency of laws and government institutions and the existence of ATM devices for cryptocurrency in Georgia. These factors have made Georgia to be among the 5 leading countries in this field.
Bitcoin mining in Georgia
The statistics show that Georgia ranks third in the world after China and Venezuela in digital currency mining and mining, but this activity requires a lot of power and the GPUs used in this field are very expensive and need to be cooled, which causes more energy consumption; for this reason, the cost of electricity is considered the main obstacle for mining cryptocurrency in Georgia.
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The status of cryptocurrency in Georgia
With an extensive river network and special topography, Georgia is considered a source of power for small and large hydropower plants. This issue has caused the expansion and dispersion of electricity throughout Georgia. Also, the electricity generated from water is considered to be cheap and compared to other countries such as U.S., Germany, Cyprus, Ireland, Italy, Spain, Belgium, Sweden, Austria, Portugal, Netherlands, England, Malta, Slovakia, Luxembourg, Slovenia, Finland , Greece, Czech Republic, Poland, Turkey, Hungary, Latvia, Croatia, Lithuania and Romania, which have higher prices, are very suitable. In addition, according to the climatic conditions of Georgia, this country has an average annual temperature of 6 degrees Celsius, which provides good conditions for the creation of digital currency mining fields such as Bitcoin. Due to the fact that cryptocurrency mining devices generate a lot of heat, cooling systems are very important to reduce costs and power consumption in this industry.
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FAQ about cryptocurrency in Georgia
As of July 2019, Georgia exempted cryptocurrencies from VAT.
Considering the current conditions, investing in digital currencies in Georgia is very safe.
Cheap electricity, suitable weather, suitable high-speed internet platform, tax exemption in the cryptocurrency space and the cost of buying and renting the space needed to set up mining farms are among the profitable factors of investing in the digital currency industry in Georgia.