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BitFury is Investing $100 Million in a New Bitcoin Mining Farm

Last Updated March 4, 2021 4:45 PM
Samburaj Das
Last Updated March 4, 2021 4:45 PM


Bitcoin block chain infrastructure provider BitFury has announced the construction of a $100 million data center in Tbilisi, Georgia’s capital city.

Georgia has been attracting key international technology companies to position itself as an investment destination and the BitFury Group have duly obliged, by investing $100 million in building a data center in the country’s capital of Tbilisi, reports Agenda.de .

The 100MW data center will be the second built by the BitFury Group in Georgia after the installation of a 20MW data center in Gori, a city in eastern Georgia. The block chain infrastructure provider and transaction processing company also has offices in San Francisco and Amsterdam.

Speaking of the investment, Eprem Urumashvili, BitFury’s official representative in Georgia stated:

Georgia will have three main benefits – a $100 million USD investment, to bring modern information technologies into the country and to be added to the innovative technologies world map.

BitFury’s current 20Mw data center operating in Gori is serving bitcoin transactions with up to 6,000 servers every day.

Company insiders have deemed the Gori data center (opened in July 2014) to be “a major success”. As a consequence, “they saw further potential in continuing doing business and investing in this country (Georgia).”

BitFury had acquired privatized land  of 185,000 square meters from the Georgian National Agency of State Property in the Gldani district in Tbilisi in order to develop the Georgian Technology Park Project. The new 100MW data center will help process transactions using the company’s 28 nm ASIC chips and the upcoming 16 nm ASIC chips.

The company has already developed its third-generation immersion cooling system that will help high-performance computing applications with energy-saving data center cooling systems. To cool the systems, a large amount of energy in the form of electricity is necessary.

Georgia was chosen as the preferred destination for the data centers due to electricity costs being cheaper than other countries. The low energy prices coupled with a competitive labor market were also significant factors behind the call to install data centers in Georgia.

BitFury’s third generation immersion cooling system is set to further decrease energy costs with the installation of the block chain infrastructure provider’s second data center in Georgia.

In July, the Bitcoin community came together to raise over $64,000 in bitcoins  as a part of a fundraising campaign to help victims of devastating floods in Georgia’s capital city.

The fully transparent donation process was achieved with block chain technology.

Speaking about company’s interests in Georgia, BitFury CEO Valery Vavilov said:

BitFury Group has been active in Georgia since 2014. Our first project, implemented in partnership with Georgian Co-Investment Fund, turned out to be very successful and gave more confidence to expand our business there.This summer we started our second project in Georgia, which envisages the development of the modern ‘Technology Park’.

Images from Shutterstock and BitFury.