TBC Capital, a subsidiary of one of Georgia’s (the country) largest banks, TBC Bank, has made a report about the energy consumption of the nation over the course of two years. The research was done on 2016,2017 and 2018 respectively but mostly focused on the 2018 results.
According to TBC Capital’s research paper, 7% of the country’s energy consumption was directed towards mining cryptocurrencies. These miners managed to increase consumption by 22% in their respective sectors and ramped it up to 1.7 TWh. It needs to be mentioned that this is around two times larger than what the US consumes for crypto mining.
Georgia has been on the second place in the largest crypto mining countries list for about two years now thanks to Bitfury holding most of its mining facilities in the country.
The relative cheap costs for electricity as well as local labor allows the company to profit on a significant margin and therefore keep adding more miners to the mix.
As a developing country, it’s expected to see the blockchain find its way in numerous Georgian industries. It has already adopted the blockchain in its education system thanks to Cardano.
This small breakthrough is enough to help the technology spread like wildfire. All it requires is the encouragement of learning the technology and supporting its adoption.