3/07/2019

Headline March 08, 2018/ '' 'BITCOINS GOLD BICKERING' ''


'' 'BITCOINS GOLD BICKERING' ''




IN THE DEVELOPING WORLD - say, Proud Pakistan, transforming to a Digital Economy, must be considered as a *do-or-die* option.

O "Captain, ought to shake these damn micro-finance banks into some realism. The Micro-Finance Banks should be convinced and made to re-plan their liquidties and -

And invest their ''secondary'' reserves in re-skilling the technology students for blockchain. This policy should and must hold good for the entire developing world.

FOR THREE YEARS, a windowless warehouse on the edge of Georgia's capital, Tbillisi, has been whirring with enough energy to power nearly 50,000 homes.

Day and night, the warehouse, and dozens of cargo containers in a windswept valley, are generating  Bitcoin, the cryptocurrency that has created a virtual goldrush in the former Soviet republic.

Bitfury, a Bitcoin technology company, is churning out millions of dollars worth of digital money using ultracheap hydropower harvested from waters rushing down the volcanic peak of the Caucasus.

Even as the currency has tumbled in value, thousands of Georgians have jumped into the game and sold cars -even cows- to buy high powered computers to mine bitcoin and join what has become a state-supported dash toward data supremacy.

A former prime minister encouraged Bitfury, then based in San Francisco, with a $10 million loan in 2015. The governing Georgian Dream party sold 45 acres for $1 for Bitfury to set up shop.

The government has been selling  energy at half the rate charged in the United States or Europe, and it has created tax free zones to draw in tech savvy entrepreneurs.

The efforts have given Georgia, with 3.7 million people, a dubious distinction. It is now an energy guzzler, with nearly 10 percent of its energy output going into the currency endeavour.

The country consumed so much power in recent years that the World Bank ranked it one of the active crytocurrency sites in the world.

The whole experiment is likely to face immediate challenges as the price of Bitcoin declines, after a spectacular rise tempted investors around the world to bet on cryptocurrencies.

Most companies tend to lose money when the price of Bitcoin falls below energy costs, and mining operators worldwide have recently been scaling back.

The largest mining company, the Chinese company Bitmain, has been closing offices and laying off  workers. Last week, Bitfury, which incorporated in London in 2018, announced   layoffs  at a    facility in Canada.

Georgia, however, has been betting its economy on luring blockchain technology, the encrypted storage capability behind all encrypted transactions.

Bitfury has helped migrate most of Georgia's land registry to blockchain, making the government one of the first to rely on secure digital ledger. Its tax system may soon follow.

Georgia aims to beat Malta, Bermuda and other places known for light-touch regulation of cryptocurrencies to dominate blockchain development.

The economy's digital transformation is our highest priority,'' said George Kabulia, the economy minister. ''We're supporting this any way we can.''

The Honor and Serving of the latest  Global Operational Research on Bitcoins and Future Economies, continues. The World Students Society thanks author and researcher Liz Alderman.

With respectful dedication to all the Leaders of the Developing World, Students, Professors and Teachers, and then the world.

See Ya all prepare for Great Global Elections and ''register'' on The World Students Society : wssciw.blogspot.com Twitter -E-!WOW! - the Ecosystem 2011:

''' Blokes & Blocks '''

Good Night and God Bless

SAM Daily Times - the Voice of the Voiceless

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