Joseph Hall at Coindesk reports today on an interesting trend in the production of Bitcoin, as we continue to focus on per-coin price changes and more for this front-running cryptocurrency.
Specifically, Hall reveals that the nation of Georgia, a Balkan satellite of the former USSR and an independent community in the Russian zone, generates a full 1% of the hash rate of Bitcoin mining, though having a tiny fraction of a percentage of world population.
For background, last year we documented how China ceased to be the dominant nation for Bitcoin miners.
After crackdown activities by the Chinese government, major communities of miners moved to both Kazakhstan and the United States.
One of those destinations has since become problematic not just for Bitcoin fans, but for any Chinese citizen, as reported Chinese government attempts focus on control of the region’s Uighur population, with disturbing results.
In the Bitcoin world, though, this two-pronged approach resulted in stateside groups like some combinations of producers and tech firms focusing on ecology for Bitcoin, which is a major detractor among American investors and consumers.
“Publicly traded Canadian tech firm Fortress Technologies will work with Great American Mining (GAM), a North American mining company that converts stranded gas into bitcoin (BTC, +1.64%) mining power, to launch an Environmental, Social, and Governance (ESG) “green” mining venture,” wrote Colin Harper at Coindesk in April of 2021.
Now Georgia is apparently a significant part of this puzzle, too.
“At first glance, the pint-sized Republic of Georgia is an unlikely suspect for Bitcoin (BTC) mining activity,” Hall writes. “An underdog for mining, the country boasts abundant hydropower while ranked seventh worldwide for the World Bank’s ease-of-doing-business index — ahead of the United Kingdom and Germany. Nestled on the Black Sea at the intersection of Europe and Asia, Georgia hosts Bitfury’s industrial mining operations as well as smaller, solo miners that tap into enormous amounts of hydroelectric power.”
No matter where BTC is mined, per-coin prices are getting a little white-knuckle. BTC stands at around $38,900 as of press time.