At a time when the cryptocurrency market was in a downturn, the Bitfury Group immersed its mining equipment in a non-conductive liquid to reduce the cost of its 40 MW mine in Tbilisi, Georgia. Currently, the Bitfury Group is adding more horsepower to mine the remaining bitcoin in the 21 million bitcoins.
According to Bloomberg, the company’s investment in cooling technology shows how high the cryptocurrency miners need to cool high-energy computers. Some companies have moved their operations to Siberia and dipped their equipment in cooling oil, and another company even placed its mining machine under the Eurasian steppe. Bitfury uses a liquid called Novec from 3M. The liquid is used to extract water from the desert and to extinguish the car.
Bitfury CEO says mining is still profitable
Bitfury CEO Valery Vavilov points out that this cooling technology reduces the space requirements and energy consumption of the equipment. He said that Bitcoin mining still has profit margins and the company is optimistic about the long-term prospects of Bitcoin.
The cooling system reduces the footprint of the mining equipment by a third. Bitfury also believes that this technology has a large demand for urban cloud computing providers.
Giving Georgia a new influence
Driven by cheap energy, land, and government tax incentives, the Republic of Georgia between Europe and Asia has become the world’s second-largest cryptocurrency mine after China.
Due to the advantages of cryptocurrency in the region, Bitfury has become a participant in political affairs in Georgia. The company owns its expanding data center properties and uses its influence to develop agreements for certain blockchain services, including technical support for Ukrainian elections.
Activity triggers a political review
When Bitfury sold its mining facilities before the discount repurchase, some claimed that the company’s supporter, former Georgian prime minister, billionaire Bidzina Ivanishvili, was involved in the deal. Make a profit and let the taxpayer bear the cost of the incentive plan. Ivanishvili’s political opponents investigated the energy costs of the facility.
Legislators also demanded an investigation into the relationship between Ivanisheviri and the son of a Georgian politician who was accused of involvement in an attack on an illegal Bitcoin exchange in the United States. The agency’s chief executive, George Bachiashvili, said he knew nothing about the investigation and the prosecutor did not respond to the request for comment. Bachishvili said the decision to sell the facility has nothing to do with politics. He said that the company only wanted to profit from the high price of cryptocurrency.
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