The former Soviet Republic of Georgia is currently ranked among the leading countries in the space of cryptocurrency and now in second place after leaders China. This move is due to the country’s electricity subsidies and regulation.
It Is Powered By an Accommodating State
Though mining has its economic benefits, it has always been under scrutiny by potential investors due to its high energy requirements. It primarily decreases its worth in other jurisdictions.
Georgia has remained even more attractive for crypto mining, because of their electricity subsidies and a region like Alazani Valley that currently has lower rates, which ultimately attracts more mining activities. In addition to that, the country uses cheap hydropower.
These benefits have significantly led to the trickling of more investors including Bitfury, which controls over 15% of the mining activity in the country. The interest of mine in the state has been supported through a waiver on the payment of value-added tax and preferential tariffs.
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