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Bitfury Group Developing Modern Technologies In Georgia

Crypto Currency – Bitcoin’s New Processing Datacenter The Center will Open in Gldani

BitFury Group company, a Bitcoin’s crypto-currency investment company, plans to construct a technological datacenter on 18.5 hectares in the Gldani District, Tbilisi.

Under the Georgian Government’s resolution (May 25, 2015), the territory was handed over to the company at 1 GEL with the following investment obligations: the company must construct, equip and put into exploitation the datacenter for 8 months; To this end, the company will invest over 11.1 million USD and submit a 10% irremovable bank guarantee. The center must employ at least 20 persons.

Efrem Urumashvili, a founder  of the Nodia, Urumashvili and Partners advisory company, and a representative of BitFur company in Georgia, noted the construction works will start in mid June and end in 4-5 months instead of planned 8 months. The initial investments volume of 11 million USD will also increase several times, Urumashvili added.

The world’s leading financial editions have dedicated articles to the construction of Bitcoin’s new major processing datacenter in Georgia. The Yahoo Finance had published the comments by BitFur executive director Valeri Vavilov, who noted the technological business will be enlarged after a successful operation of the existing database. Georgia’s favorable investment environment promotes this process, as well as low energy tariffs and competitive labor market.

The construction of a new large technological park in Georgia was also covered by the Business Wire influential edition and economic editions of the United Arab Emirates.

Today the company owns two datacenters in Iceland and Georgia, Efrem Urumashvili said.

“The new project calls for developing the technological zone and it will unite the global technological players. Georgia has got experience in developing the technological business. The project implemented jointly with the Co-Investment Fund for constructing a BitCoin datacenter in Gori has been functioning successfully.

Therefore, the company has taken a decision on developing the business in Georgia. A construction of a large datacenter in Tbilisi is a huge step for formation of Georgia’s modern technological hub”, Efrem Urumashvili said.

BitFur will be the first technological park leasing company that will process over 100 MW energy of the mega datacenter. This will simplify the process of transactions. This is the 3G system that is used for energy efficiency and it ensures high-level computer performance.