Georgia, Attracts $100m Investment from the Blockchain infrastructure provider BitFury

BitFury Group, a Bitcoin Blockchain infrastructure provider and transaction processing company is investing $100 million USD to build its second data centre, and the first Technology Park in Tbilisi, Georgia’s capital.

BitFury has management offices in Amsterdam in the Netherlands and in San Francisco in the United States, as well as data centers in Iceland. Now the company prepares to make a capital injection on the new site in Georgia. Sources from BitFury stated the country was selected for its attractive investment climate and ease of conducting business. Low energy cost and competitive labour market also played a big part in the decision-making.

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Eprem Urumashvili, the BitFury 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.”

The company is developing its third generation immersion cooling system. For that, BitFury will build a mega-data centre with up to 100 MW energy capacity to process transactions using its latest generation 28 nm and the upcoming 16 nm ASIC chips. With this new system, the firm is looking to create energy-saving data centre cooling systems for high performance computing applications. This process made BitFury spend a large amount of electricity. The price of electricity is cheap in Georgia and the company selected this country as a preferential place to operate which would allow them to cut these costs. To develop the Georgian Technology Park project, BitFury acquired 185,000 m2 of land in Tbilisi’s Gldani district from the Georgian National Agency of State Property.

Currently, the company has one data centre located in Gori. The 20 MW data centre served bitcoin transactions with about 6,000 servers every day. The Gori data centre, which opened in July 2014, as proven to be an immense success and the company “saw further potential in continuing doing business and investing in this country”.

Georgia is developing a special technology zone to attract international technology players; soon the country will feature on the international map thanks to the construction of a new data centre by the BitFury Group.

With this move, BitFury plans to decrease energy costs in order to further develop its immersion cooling system.

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