Cryptocurrency mining and the cost of it in Georgia

A little-known fact is that after China, the small country of Georgia is the second most profitable region to mine cryptocurrencies.

Cryptocurrency mining is so popular in the country, that nearly 5% of households are either mining, have joined pools, or have invested in mining through local data centers like the ones built by Fulcrum Mining. One key factor is the availability of inexpensive hydropower, low electricity prices, and tax exemption. 

Fulcrum’s data centers are located close to energy sources across Georgia, in Varcikhe, Argveta, and Tbilisi, and are equipped with an advanced evaporative cooling system. ‘We are looking to expand our mining facilities into other countries but we can’t find better electricity prices than what we have in Georgia,’ says David Tatarishvili, Managing Director of Fulcrum’s sister company, MyHashing. 

The optimized prices of mining and the blockchain-friendly government are not the only advantages. Fulcrum has invested in highly qualified and skilled engineers, IT specialists, and blockchain developers to develop and deploy its software that avoids fluctuations and ensures hash rate stability. 

The company has even received approval from the local tax authorities to remove the VAT advance ruling on hashing as an electronic service. 

From hardware development to cloud mining

Building the data centers and reaching a big capacity, Fulcrum is now focused on giving an easier alternative for ordinary people to invest in bitcoin mining. Many cryptocurrency investors are aware of mining and how it works but lack the technological knowledge or initial capital to invest in it, and thus stay away from it. Buying and operating rigs require technological expertise. They are complex and expensive, noisy, and they overheat if the cooling is not set up properly. 

As a solution to these challenges, MyHashing has developed a web-based cloud mining platform that leases hashing power from Fulcrum Mining’s data centers. 

‘Mostly we offer bitcoin mining contracts and it is really easy to track or monitor all mined coins, withdrawals, and fees. We have competitive packages. The minimum package starts from 1TH (the speed that helps mine the coins). The contract prices can start from $50 and so it is very affordable to start investing in this. We have a flexible pricing policy that gives more discounts the more hash power our clients buy’, adds David.

Cloud mining opens even more opportunities for investors to profit from the favorable conditions in Georgia, without even having to visit the country. It is the easiest profitable way to mine bitcoin. From here on, Fulcrum’s vision is to lead the way to innovation in mining, not only locally but also on a global scale.