Why Did We Choose Georgia For Mining?

Despite its small size and population, we could see a whole migratory process to Georgia during the last years, not only for people but companies: attractive (green) electricity prices, favourable legislative restrictions, tax incentives and astonishing nature.

Being crypto trading exempt from any tax, as long as you resident of the country, and the government imposes only 15% corporate tax on worldwide-distributed income, with re-invested profits being tax-free if there is not a dividend distribution throughout a year, the panorama there seems interesting for crypto, to say the least.

Those factors together, lead Georgia to be rated by the media as an “Oasis for miners”.

Free Industrial Zone (FIZ), is a concept that will sound familiar to some of you, and it is there where the Miningverse is hosted. Bitfury and some other titans of the mining industry decided to move a relevant part of its production here. And this situation only got increased through 2022.

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Tbilisi, Capital City of Georgia

Getting provided with cheap electricity from renewable sources in a percentage of almost 99%, we found a perfect spot where not only find tax breaks but be protected from currency regulations from both, Europe and Asian governmental actions, being Nova proud owners of a portion of the FEZ in Tbilisi and of course, getting also benefited from VAT exemptions for crypto sales and imports.

This last statement is key, especially when it came to building our mining plant and offering hosting services to third-party miners. The recent changes, threats and situation on the part of Asiatic governments, lead thousands of miners to look for another option to continue supporting the Blockchain ecosystem, becoming a golden chance for Nova to expand its business and guarantee its sustainability apart from cryptomarket tendency and speculation.

With a whole team of legal specialists backing our initiative from every regulatory change, we were more than glad of having the chance of discovering such a beautiful country while networking with some of the most important public figures of the country such as HRH Prince Juan Bagration-Mukhrani.

Composed of two buildings recently constructed and specifically designed for mining facilities, our high-tension wire structure provide each building with up to 10MW of renewable electricity, ready to serve its purpose and fully functional.

For the newcomers that need a more detailed explanation about the mining farms, through the use of setups specifically designed for mining purposes (contrary to what peoples believe about the last RTX launched, they are not optimal) and with the current-voltage (10MW), 3000 mining equipment would be pulling all together the mining process, backing all the Miningverse business plan.

Our Chief Technical Officer and Co-Founder, Isacio Santos, a reputed aerospace engineer, was in charge of the planning, structuring and execution of the building construction and setups specifications, having the background needed to monitor the entire mining process even by remotely, and designing all the predisposition of the equipment inside the facilities.

It would be tricky to speak about estimations of Bitcoins mined a year without being misleading, but, according to the most optimistic scenario, 1 MW would be enough to supply energy to 300 mining setups, and 300 mining last-generation setups, can mine 30–60 Bitcoins yearly.

Not to mention, that in Nova we embrace every potential scenario. The Miningverse represents for us the first step of our route plan, for which we believe, that we are more than ready to confront adopters’ volume, rewarding all of them accordingly.

The concept of “launchpad”, embraces the goal to reach the mid/long-term, with projected scenarios, where we will expand our current mining capacity.

To conclude, in Nova we pursue a future supported and built around #Bitcoin supremacy. Networking throughout the entire EuroAsia and contributing to the overall Blockchain ecosystem development, been excited by the challenges and successes this 2023 will provide to our ecosystem.

Keen to learn more?

Read the Nova Miningverse Whitepaper

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