How Much Does Bitfury Earn From Mining In Georgia?
Bitfury is the operator of the largest Mining Center in Georgia. The company is engaged in the mining through the Data Center, located in Tbilisi Technological Park.
Bitfury operates through its subsidiary – BFDC Georgia, the company has published a financial report 2019 a few days ago. According to the document, company’s income in Georgia was USD 91 million, from which the company received USD 88.5 million from the mining.
As of the financial report, the company had a net profit of USD 2.6 million in 2019. The company spent the largest sums on utility and communication bills. The volume of expenses has made up USD 33.7 million. In addition to that, the depreciation costs were USD 23.7 million.
As of 31 December 2019, the company's assets were USD 109 million.
BFDC Georgia is one of the largest purchasers of electricity in the country due to its activity. According to ECCO, in 2019, the company consumed 534 million kilowatt hours of electricity, which was reduced to 131.7 million kilowatt hours in 2020, while the figure increased to 276 million kilowatt hours in eight months of 2021, which indicates on the active mining.
Apart from Georgia, Bitfury also holds centers in Canada and Kazakhstan.