02/12/19 06:44 UTC-5

IMF requires Georgia report on cryptocurrency mining

MiningIMF asks Georgia to report on mining profits
IMF asks Georgia to report on mining profits

The International Monetary Fund calls Georgia the fourth largest BTC miner in the world. The institution believes that the country's government should include the income from cryptocurrency miningMining
– is a type of activity for creating new blocks in the Blockchain to ensure proper system operation. Details
in the report, as trend.az reports.


The volume of transactions with cryptocurrency in Georgia is unknown

Representatives of the fund note that Georgia must register BTC exports in orderOrder
– automatic application to buy or sell cryptocurrency. Orders are used during trading on the stock exchange to open and close a position. Details
to see the volume of transactions in US dollars.

The IMF emphasized that the production of BTC involves the import of products. We are talking about specialized equipment, such as ASIC, as well as materials for the construction of facilities. However, given that imported materials are physical, they are included in official trade balance statistics. Thus, information regarding imports and ignoring exports give an inaccurate picture of income in the country.

Bitfury is a crypto-mining company that has been operating in Georgia since 2015. The data center accounts for 15% of all BTC mined in the world. The company's work proves the high profit that cryptocurrency mining brings to the country. 

Interesting in the section: What will happen when 21 million Bitcoins are mined?

See also: "Experts have proven that mining Bitcoin does not harm the environment"

#Georgia #mining #IMF #Bitfury #Bitcoin

Editor: Daria Mukhina


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