Bitcoin mining giant Bitfury is using “Magic Fluid” to keep its equipment cool 22460 Georgia and Bitcoin mining
News
Rakesh Ranjan Parashar
Sep 6, 2018 at 7:00 AM

Crypto markets have been on a downward slope this year and an air of uncertainty and uneasy calm hangs over the future of virtual currencies. But the race to get the last of the 20-odd million mineable Bitcoins is still on. Bitcoin mining is a high-stakes contest that’s already created a couple of billionaires and led to a flurry of crypto-miner initial public offering bids.

According to Bloomberg, Bitfury Group has immersed its mining equipment in a non-conducive liquid to reduce costs at its 40-megawatt mining plant in Tbilisi, Georgia.

The report notes that the company’s investment in cooling technology signals the extent to which cryptocurrency miners are willing to go in an attempt to meet the needs of their energy-intensive computers. It’s not the first time-some have moved their operations to Siberia, while one went as far as burying its rigs beneath the Eurasian steppe.

After a visit to the Bitfury’s Tblisi site, Bloomberg witnessed 160 cooling tanks with extensively engineered "Magic Fluid."

Bitcoin mining still remains a profitable venture

Despite the high costs, Bitcoin remains a profitable venture for some. Valery Vavilov, Bitfury CEO, noted that the cooling technology reduces both space requirements and energy consumption. He said that the mining activity remains profitable and the company is upbeat about Bitcoin’s long-term prospects.

Putting Georgia on the world map

Bitfury has put the Republic of Georgia on the world map. This former soviet republic at the intersection of Europe and Asia is now the world’s second largest cryptocurrency mining region after China. This has been achieved as a result of cheap energy and government tax incentives.

Bitfury has played a stellar role in enhancing the region’s cryptocurrency prominence. Due to its growing stature Bifury has become a major player in Georgia’s politics. It has used its clout to secure several other blockchain services, including facilitating Ukrainian elections.

Bitfury is the biggest player after Bitmain Technologies Ltd., the Beijing-based firm that’s planning an IPO in Hong Kong. It has the most aggressive immersion-cooling capabilities, which it employs at the Georgia plant.

See Also: What is Bitcoin Mining?

World Bank: Georgia is the third largest cryptocurrency mining center in the world

Image via Shutterstock

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