Saturday, July 18, 2015

BitFury Group and Georgian Co-Investment Fund Raise Over $64,000 in Bitcoins During the Fundraising Campaign Aimed to Help the Victims of the Recent Devastating Floods in Tbilisi, Georgia

SAN FRANCISCO & TBILISI, Georgia - Wednesday, July 15th 2015 [ME NewsWire]

(BUSINESS WIRE) -- The funds raised as a result of the global bitcoin fundraising campaign have been donated to the Tbilisi City Hall, Tbilisi Zoo, and Tamaz Elizbarashvili’s Dog Shelter.

In addition to the money already donated by the Georgian Co-Investment Fund (“GCF”) and BitFury Group, the companies partnered with “Georgia Technology Park” LLC to support the great cause and set up a special Bitcoin wallet which enabled people around the globe to make donations in bitcoin.

The donation process has been fully transparent thanks to the use of Blockchain technology. Approximately 230 transactions have taken place with total value of over $64,000.

BitFury Group has appointed its Georgian subsidiary “Georgia Technology Park” LLC to transfer GEL 100,000 to Tbilisi City Hall’s dedicated account to help Tbilisi flood victims, GEL 30,000 to Tbilisi Zoo to support the reconstruction and repairing works and GEL 14,370 to Tamaz Elizbarashvili’s Dog Shelter to assist with its rebuilding process.

Valery Vavilov, BitFury CEO, commented: “BitFury Group has been active in Georgia since 2014. Our first project, implemented in partnership with Georgian Co-Investment Fund, turned out to be very successful and gave more confidence to expand our business there. This summer we started our second project in Georgia, which envisages the development of the modern ‘Technology Park’. We are proud that the bitcoin community has once again demonstrated its generosity and support by actively participating in the global fundraising campaign we’ve initiated together with GCF. I would like to take this opportunity to thank everyone who has made a donation no matter how big or small their contribution was.”

The CEO of Georgian Co-Investment Fund, George Bachiashvili said: “Tbilisi is still recovering from the disastrous flooding, which led to the tragic loss of lives, displacement of families from their homes, caused deaths of hundreds of local Zoo animals and destroyed Tamaz Elizbarashvili’s Dog Shelter. We are very grateful to those who donated to this great cause and helped in disaster relief efforts.”

About BitFury Group:

BitFury Group is the leading Bitcoin Blockchain infrastructure provider and transaction processing company. Founded in 2011 by Valery Vavilov and Valery Nebesny, BitFury has management offices in San Francisco, Washington, D.C. 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 successful execution in silicon engineering, operational build-up and capitalizing businesses.

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