BitFury Invests $100 Million into Republic of Georgia for Mega-Data Center

Global bitcoin blockchain infrastructure provider and transaction processing company BitFury is planning to invest US$100 million to build its second data center in Georgia’s capital Tbilisi and the first technology park.

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BitFury Invests $100 Million into Republic of Georgia for Mega-Data Center

Global bitcoin blockchain infrastructure provider and transaction processing company BitFury is planning to invest US$100 million to build its second data center in Georgia’s capital Tbilisi and the first technology park.

The new 100MW bitcoin mining data center will be built on 185,000 square miles of land developed by The Georgian National Agency of State Property called the “Special Technology Zone,” a project aimed to attract international technology firms and investors.

BitFury Georgia Official Eprem Urumashvili in a statement:

"Georgia will have three main benefits – a US$100m investment to bring modern information technologies into the country and to be added to the innovative technologies world map.”

BitFury currently operates two data centers in Iceland and Georgia. The latter was developed with the Georgian Co-Investment Fund in early 2015. Due to its “major success,” BitFury CEO Valery Vavilov decided to partner with Georgian Co-Investment Fund to acquire a part of the Special Technology Zone in June, 1, 2015.

"We are pleased to commence our new project in the Republic of Georgia which envisages the development of the special technology zone with the aim of attracting international technology players, as well as building our latest mega data center,” said Vavilov in a statement. “Our investment decision was made based on our previous experience of doing business in the Republic of Georgia. Our current data center located in Gori in Georgia, which was developed in cooperation with Georgian Co-Investment Fund, proved to be a major success, and as a result, we saw further potential in continuing doing business and investing in this country.”

According to a local news agency, BitFury officials have chosen Georgia for the location of its data center due to its optimal climate, minimal regulatory environment, low energy cost, and competitive labor.

In its third 100 MW mega-data center, BitFury will process bitcoin transactions using the company’s latest generation 28nm and upcoming 16 nm ASIC chips, which were in production since February. This set of ASIC mining chips are to be four times more powerful than its previous 28nm chip. Furthermore, with the company’s acquisition of Allied Control, a Hong Kong-based technology company specialized in building immersion cooling systems and chips and the winner of Green Innovations Award, BitFury will be implementing Allied Control’s cooling systems to save electricity and reduce water consumption.

“We take environmental concerns seriously. Our proprietary technology is highly energy efficient. We are committed to growing our transaction processing infrastructure with the smallest carbon footprint, continuing to rely solely on renewable energy sources,” added Vavilov.

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