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BitFury to build a Technology Park in Tbilisi

BitFury to build a Technology Park in Tbilisi

2015-06-03

The company is acquiring a plot of land in the Georgian capital to build a mega data centre at the heart of the future Technology Park.

BitFury Group announced it is acquiring a real estate in Tbilisi from the Georgian National Agency of State Property to develop the Georgian Technology Park project. A 185,000 sq. m plot of land is located in Gldani District of the Georgian capital, the company said in a press-release.

The mining giant is going to build there a mega data centre with energy capacity up to 100 MW. The centre will process transactions using BitFury latest generation ASIC chips. It will also implement the immersion cooling technology by Allied Control acquired by BitFury this January.

Valery Vavilov, BitFury CEO, said in a statement:
“We are pleased to commence our new project in the Republic of Georgia which envisages the development of the special technology zone with the aim of attracting international technology players, as well as building our latest mega data center.”
It will be the third operative BitFury’s data centre and the second one in Georgia (another mining facility is located in Iceland). The current data centre in Gori was developed in cooperation with Georgian Co-Investment Fund related to former Georgian Prime Minister Bidzina Ivanishvili. According to Vavilov, this project proved to be a major success which prompted BitFury to expand its investment in the country. The company praises the Georgian investment climate and easiness of doing business as well as low energy cost and competitive labour market.

For its data centres development BitFury uses a patented engineering design that combines high density and low redundancy. It allowed the company to build its facility in Gori in a very short time – 30 days.

In May 2014, Georgian Co-Investment Fund participated in an investment round for BitFury, providing $10 million out of the $20 million raised by the company in total. Earlier this year Mr. Ivanishvili faced criticism from several Georgian financiers for his investments in bitcoin. Notably, the director of the Georgian office of Admiral Markets, David Tsikaradze said:
“Instead of investing in the real economy and job creation, the fund’s money is being invested into stupid things of that kind. In many countries of the world, bitcoin has even been banned. Previously, one bitcoin was worth 1500 dollars, but now its price went down to 200-300 dollars. That means it does not have any future.”
“We believe that the project’s focus should not be on making money from bitcoin mining, but on creating innovative solutions with main purpose to use this product for educational purposes and fun,” Vavilov commented to CoinDesk.

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