TBILISI, Republic of Georgia. - Tuesday, June 2nd 2015 [ME NewsWire]

(BUSINESS WIRE)-- BitFury Group, the leading Bitcoin Blockchain infrastructure provider and transaction processing company, announced today that it is acquiring a privatized 185,000 sq. m land plot located in Gldani District in Tbilisi from the Georgian National Agency of State Property to develop the Georgian Technology Park project.

BitFury will be the first tenant in the Technology Park where it will build a mega data center with up to 100 MW energy capacity to process transactions using its latest generation 28 nm and the upcoming 16 nm ASIC chips.

The new project will take full advantage of the proprietary immersion cooling technology enabled by Allied Control which BitFury has acquired earlier this year. The company has developed its third generation immersion cooling system to create energy-saving data center cooling systems for high performance computing applications.

The CEO of BitFury Valery Vavilov commented: "We are pleased to commence our new project in the Republic of Georgia which envisages the development of the special technology zone with the aim of attracting international technology players, as well as building our latest mega data center. Our investment decision was made based on our previous experience of doing business in the Republic of Georgia. Our current data center located in Gori in Georgia, which was developed in cooperation with Georgian Co-Investment Fund, proved to be a major success, and as a result, we saw further potential in continuing doing business and investing in this country.”

BitFury currently has two data centers: in Iceland and the Republic of Georgia. The company chose Georgia because of the country's attractive investment climate and ease of conducting business. Low energy cost and competitive labor market have also played big part in the decision-making.

About BitFury Group:

BitFury Group is the leading Bitcoin Blockchain infrastructure provider and transaction processing company. Founded in 2011, BitFury has management offices in San Francisco and Amsterdam, as well as data-centers in Iceland and the Republic of Georgia. BitFury derives sustainable advantage through its custom-made application-specific integrated circuits (ASICs), optimized to achieve the lowest power consumption coupled with the highest processing metrics – the parameters that drive mining margins. BitFury has an impressive track record, having successfully delivered several prior generations of silicon and has a roadmap to at least double performance-per-watt every 6-12 months. BitFury’s management team and board include seasoned industry veterans with a history of execution in silicon engineering, operational build-up and capitalizing businesses.

For more information on BitFury Group, please visit: http://www.bitfury.org/

Follow BitFury Group on Twitter: https://twitter.com/BitFuryGroup

Like BitFury Group on Facebook: https://www.facebook.com/BitFury

Connect with BitFury Group on LinkedIn: https://www.linkedin.com/company/bitfury

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Contacts

BitFury

Janna McManus, 1-650-400-7256

janna.mcmanus@bitfury.org

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