Home mining is gaining momentum in Georgia

According to Arcane Research, the country accounts for about 1% of the industry’s total hashrate

22.02.2022 - 11:10

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What’s new? Home mining has begun to boom in Georgia amid the energy crisis, according to the analytical company Arcane Research. The country accounts for about 0,81% of the industry’s global hashrate. About 125 MW of capacity is used for cryptocurrency mining in Georgia, with private miners accounting for half of the energy consumption. The main cryptocurrency to mine in the country is Bitcoin

Arcane Research’s report

What other information is provided in the report? Jaran Mellerud, an analyst at Arcane Research, stated that despite Georgia’s “business friendliness,” rising electricity prices could discourage miners from cooperating with the government.

“I don’t believe the Georgian government wants more mining operations in the country, as miners are already using almost 10% of the country’s electricity, contributing to the country’s growing electricity deficit.”

The analyst also noted that Georgia does not have enough capacity to mine cryptocurrencies on an industrial scale, with miners already using 10% of the country’s electricity. Mellerud believes that supporting legal cryptocurrency mining is the best solution for the country.

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