Georgia seems to have a favorable business climate. BitFury Group has chosen it as a place for the construction of Technology Park. It’s actually not the first time that Georgia becomes an object of foreign investment. BitFury has already opened one data center here.
Georgia Co-Investment Fund acted as a partner in that startup. The prosperous center is situated in Gori and by estimates of Valery Vavilov, BitFury CEO, it “proved to be a major success, and as a result future potential in continuing doing business and investing in Georgia was seen”.
For the purposes of new Technology Park the company purchased a 185,000 sq.m. land plot in Tbilisi. The center is planned to have up to 100 MW energy capacity. It will use 28 nm and 16 nm ASIC chips. In fact BitFury is a market leader providing ASIC chips, designed to achieve the lowest power consumption coupled with the highest processing metrics.
BitFury was founded in 2011 and now it has entrenched itself on the market as a leading Bitcoin Blockchain infrastructure provider and transaction processing company. It is managed from San Francisco and Amsterdam and has already two data centers in Georgia and Iceland.
Mr. Vavilov admits to have great expectations for the development of a new center: “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. Our investment decision was made based on our previous experience of doing business in the Republic of Georgia”.
BitFury is highly appreciated by its partners. Zhenya Tsvetnenko, executive chairman of DigitalBTC, shares his opinion: “We’ve found the BitFury Group to be an invaluable partner as we have built up DigitalBTC into a significant bitcoin miner and the world’s first listed bitcoin company alongside our other bitcoin operations. We’ve trusted the BitFury Group to help us support and manage millions of dollars in capital investment, and they have more than repaid that trust with world-class technicians and support, coupled with an expanding global presence!”
According to twitter BitFury is not only involved in development of new data center but it also invented a light bulb mining bitcoin. The information wasn’t officially confirmed but Marc van der Chijs revealed a photo of the bulb in his tweet.
— Marc van der Chijs (@chijs) May 27, 2015
The technology is promising but still hard to apply in Europe where incandescent bulbs are forbidden.
BitFury is not the first company that is cherishing the idea to add bitcoin mining to daily-used devices. 21 Inc. has recently announced bitcoin mining chip enabling a continuous stream of bitcoin to personal devices. It attracted investors and came up with a chip that can be embedded in any device.