Cryptocurrency mining is an expensive process that requires huge amounts of energy, processing power and advanced cooling systems to keep the operation running. 39; equipment. With the growing competition, miners are taking all possible approaches in order to achieve maximum efficiency and remain profitable. Some have placed their mines in Siberia, while others have buried their equipment under the Eurasian steppe.
Bitfury upgraded the cooling system to its 40-megawatt mining facility located in Tbilisi, Georgia, according to Bloomberg. The company plunged its computers directly into a non-conductive liquid, thus reducing operating costs.
Bitfury & # 39; s Immersion Cooling Technology
Based in China, Bitfury is one of the leading suppliers of blockchain infrastructure using the largest immersion cooling system in the world at its Tbilisi location. According to the company, they previously sold the plant to a fintech company listed in Hong Kong, but later repurchased it at discounted prices.
When Bloomberg visited the Bitfury plant in Georgia this summer, he saw about 160 cooling tanks with large amounts of highly engineered fluid. The facility was surrounded by smaller structures with views of the Caucasus mountains.
The company uses the most powerful two-stage immersion cooling technology (2PIC) from the Allied Control engineering company based in Hong Kong and a Novec liquid from 3M Co., which is a leader in immersion. In a 2PIC system, the equipment is immersed in a dielectric heat transfer liquid bath which is a better heat conductor than water or oil. Moreover, unlike oil cooling, these liquids are not flammable and environmentally friendly.
As for 3M, Novec, which has been used in the fires of racing cars and to pump water from the desert, is able to reduce cooling costs by 95%. Bitfury CEO Valery Vavilov says technology can significantly reduce energy consumption and the amount of data center space needed for mining.
Bitfury expects the technology to draw interest from urban cloud computing providers. Vavilov noted that mining remains a lucrative business and the company is enthusiastic about the future of bitcoin.
"We realized that high-powered data centers would be used for everything from Internet searches to the protection of Bitcoin's blockcoin," said Vavilov. Bloomberg. "Our mining operations are still profitable and we are confident on long-term Bitcoin."
Georgia as an Encrypted Mining Center
The Republic of Georgia, located in the Eurasia region, became the world's second largest cryptocurrency mining region after China due to a number of factors such as low-cost land, economic energy costs and government tax incentives. Thanks to Bitfury, the country has emerged as a regional leader in cryptocurrencies and innovative technologies.
The company has also become part of the country's policy and managed to secure several blockchain agreements, such as facilitating the Ukrainian government to conduct elections there  Remi Urumashvili, who is now Bitfury's representative in Georgia, has said that he played an important role in providing zero taxes for the company when Vavilov arrived in the country five years ago. Two weeks later, Bitfury announced the intention to launch a data center.
Georgia will soon gain more visibility as it will host the Bitmain digital summit in the mining sector later this month.