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Power-Hungry Crypto Mines Clean Up as Cost of Electricity Grows

Feb. 5, 2018, 3:11 PM

Vakhtang Gogokhia’s plan to extract crypto-currencies from the netherworld of cyberspace relies on a strategy familiar to many old-school manufacturers who use a lot of energy—the cheaper the fuel, the better.

That’s why Gogokhia, who heads a startup called Golden Fleece, put a cargo container with Chinese-built computers inside a dilapidated Soviet-era tractor factory in Georgia, about 60 miles (100 kilometers) east of the Black Sea. The site made sense for running servers 24 hours a day because it has access to low-cost electricity generated by water flowing from the nearby Caucasus Mountains. There also are plans for solar ...