Georgia punches well above its weight for Bitcoin mining: Report - BitcoinEthereumNews.com
Dutch miner Bitfurys Bitcoin mining operation at the foot of the Tblisi National Park. Source: NPR The country packs a punch for Bitcoin mining. While the Cambridge Bitcoin Electricity Consumption Index puts Georgias hash rate at 0.18%, a detailed and long-term report by Arcane Research suggests the number is closer to 0.71%. Jaran Mellerud, an analyst at 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 megawatts of crypto mining capacity, 62 MW of which 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 hash rate 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