Georgia has been listed among three countries with the largest number of Bitcoin miners in the world.
Bitcoin mining is a process that both adds transactions to the cryptocurrency blockchain ledger but also unlocks new Bitcoins into the system. The process involves using computer power to solve complex mathematical puzzles. Bitcoin mining is an essential process in Bitcoin security – the complexity and effort makes the cryptocurrency system less vulnerable to attack.
Three countries include Georgia, China and United States of America.
Based in Georgia, BitFury is a company known for being one of the largest players in the Bitcoin mining business segment – developing and selling efficiency streaming hardware to Bitcoin users and businesses. Bitfury is one of leading full service Blockchain technology companies and one of the largest private infrastructure providers in the Blockchain ecosystem. As such, as of 2016, BitFury was mining about 15% of all bitcoins, blog.iqoption, stated.
This is not the first time when Georgian bitcoin production gained attention, recently Harvard Business School announced that they will apply the case study of the ongoing Blockchain project in Georgia in the curricula. The Georgian experience will be discussed at various events of the Business School.