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Bitfury Group: We Have Used no Preferences and Privileges in Georgia

BitFury Group has released a special statement to answer allegations related to electricity price growth reasons:

“BitFury Group reacts to the recent statements made by politicians. We would like to openly express an official position that BitFury company is a major global technology company (with about 1 billion capitalization). In 2014-2015 BitFury Group obtained a loan from Co-investment Fund, which was replaced by Bank of Georgia loan in 2015. We keep financial and business relations with BOG even today.

Like Iceland, Norway and Canada, BitFury Group owns mining centers in Georgia, however, mining was ceased long ago in Gori. Therefore, we do not need excessive volumes of electricity (there is only technical support center in Gori) and only Tbilisi-based (Gldani) data-center carries out mining process.

As to electricity tariffs, its payments, tariffs and available privileges, as named by a part of Georgian politicians in their style, we would like to note with full responsibility that since inception of operation BitFury Group has not used any privileges or preferences. To confirm this, our company will publish a detailed information about payment for public utilities (payment-purchase of electricity) by the end of this week.

Last period politicians accuse BitFury Group of reception of electricity at preferential rates and as if this fact had raised electricity electricity tariffs.

By the decision by Prime Minister Gharibashvili in 2015, BitFury Group was granted a 18.5 hectare land in Gldani for a symbol price for building BitCoin mining center. In that period the mentioned company obtained a loan from Co-Investment Fund founded by the initiative of Ivanishvili.

Later, BitFury Group noted that they had no relation with Bidzina Ivanisvili and Co-Investment Fund.

BitFury Group owns a BitCoin mining center in Gldani and valuable operation of this center requires huge electricity resources.