Georgia, one of the leading countries in the Block Chain, has been able to quickly establish itself in the digital currency industry. Cheap electricity (about 7 cents per kilowatt hour), favorable weather, high-speed Internet, tax exemption for digital currencies, low cost of purchasing and renting space to build mining farms, transparency of rules and position Specifically, the government and the existence of ATMs for digital currencies have made Georgia one of the top five countries for digital currency activity..
Statistics show that Georgia ranks third in the world after China and Venezuela in mining and digital currency extraction. The main issue facing miners for digital currency extraction is price and electricity demand. GPUs used to extract digital currencies are very expensive. Cooling these GPUs themselves requires a significant amount of energy, so electricity costs are the only barrier for extractors. The only obstacle is for the miners. .
Georgia, with its extensive river network and special topography along these rivers, is home to small and large hydroelectric power plants, which in turn expand and distribute electricity throughout the country. . And on the other hand, electricity generated from water is one of the cheapest electricity, so in Georgia we see the cheap cost of electricity (about 7 cents per kilowatt hour). In a nutshell, the United States (12 cents), Germany (39 cents), Cyprus (36 cents), Ireland (32.9 cents), Italy (32.6 cents), Spain, Belgium, Sweden, Austria and Portugal. Prices range from 4 to 5 cents, the Netherlands, with 4 cents and then, the UK, Malta, Slovakia, Luxembourg and Slovenia at about 12 cents, the councils of Finland, Greece, the Czech Republic, Poland, Turkey, Hungary, Latvia, Croatia, Lithuania and Romania at the middle rate, 2 to 3 cents, Iceland, Montenegro, Moldova, Bulgaria, Macedonia, Bosnia and Herzegovina at a rate of about 12 cents "will notice the difference in price and the reason for the choice of Georgia by activists in this field. Currency mining devices generate a lot of heat, and most of the electricity consumption in this industry is related to cooling systems. Therefore, considering the importance of good environmental climate, Georgia, with an average annual temperature of 6 degrees Celsius, has very good weather conditions for the creation of digital currency mining farms.
Georgia exempts digital currencies from VAT.
Finance Minister Nodar Khadouri recently signed a bill to tax digital currency activists. The bill has been in force since the end of July 2019. The Georgian government has shown that it supports the currency code and the Chinese block chain in general. For several years now, the archive of national data has been based on the Chinese blockchain. The existence of cryptocurrency ATMs in Georgia's three major cities, Tbilisi, Batumi, and Kutaisi, is a testament to the extent to which these currencies are widely traded in the country. Georgia has an acceptable position among other countries in terms of bandwidth, speed and uncertainty of Internet servers. This raises another concern for activists in this sector. Overall, the investment situation in the IT industry in Georgia is considered a safe investment given the support provided by the government .