3 Reasons Georgia Is the Most Crypto Mining Tech-Friendly Country
Crypto mining is the process of solving blocks in order for the blockchain to issue new coins. Since the solving of blocks takes minutes to hours, there are times when the hardware can overheat. For the miner there’s also the big electricity bills. When these happen, mining can become counterproductive if the returns aren’t big enough.
In some cases cooling equipment is essential to keep the hardware from overheating. This however increases the electricity expenses even further. Start-ups often search for suitable areas in the world to set up their mining farms because of the more favorable conditions. This is why MyHashing had our mining hardware set up in Georgia, because of the efficient electricity costs and the naturally cool weather. Georgia has also been tagged as the most crypto tech-friendly country. Why? Here are the three reasons.
1 | Low-Cost Electricity Bills
One of the major issues that can diminish your mining returns is your increasing electricity bills. Since the hardware itself and cooling equipment are operating 24/7, your bills will most definitely be sizeable. This is why one of the biggest advantages Georgia has to offer is its cheap electricity rates.
The reason behind this is the fact that this Eurasian country produces a lot of energy using hydroelectric power plants. There are 72 established hydro plants in Georgia, and there are around 22 that are still under construction. If this trend of cheap natural energy production continues, the country is poised to become a mining epicenter.
2 | Lack of Crypto-Related Regulations
Countries like Nepal, Kyrgyzstan, and Bolivia banned the use of crypto currencies. Miners residing in these countries would have a hard time profiting from Bitcoin mining. The case with Georgia is different. There are cryptocurrency laws in Georgia that support the use of cryptos, making it easier for Bitcoin miners to run their operations in the country.
In February 2017 the Republic of Georgia signed a law that lets the Bitcoin network verify property-related government transactions. The country then started allowing entities to make purchases of land in order to build more mining data centers. Following this MyHashing, one of the newest hash providers in the industry, has already placed three of its mining farms in Georgia. Meanwhile, the cryptocurrency community can expect to see more companies setting up their hardware in the country.
Another reason Georgia is an ideal country for crypto innovations is that it is open to new technology trends, including blockchain. It is the first country that granted land titles to blockchain and crypto entities.
3 | Hardware-Friendly Climate
Georgia is located in the Caucasus region of Eurasia. It has mountains, farmlands, and coastal beaches that all contribute to making to the hardware-friendliness of the environment. Since this Eurasian country lacks sharp temperate swings and holds mild and cool climate, keeping mining hardware away from overheating is easy.