meta_pixel
Tapesearch Logo
Log in
Business Daily

Cryptocurrency's new frontier

Business Daily

BBC

Business

4.4816 Ratings

🗓️ 25 November 2019

⏱️ 19 minutes

🧾️ Download transcript

Summary

Cryptocurrency mining is booming across parts of the former Soviet Union, with a number of regions expending gigawatts of power on mining operations. Ed Butler visits a facility in Georgia run by a firm called BitFury. We’ll also hear why the breakaway Russian-speaking regions of Abkhazia and Transnistria are getting into ‘bitmining’ and what concerns that is raising for environment and corruption investigators.

(Photo: A cryptocurrency mining centre in Kirishi, Russia, on August 20, 2018. Credit: Olga Maltseva/AFP/Getty Images)

Transcript

Click on a timestamp to play from that location

0:00.0

Hello, I'm Ed Butler and welcome to Business Daily from the BBC. Today, we're hearing from

0:07.5

Moldova in Eastern Europe and the mystery of one of the world's biggest unpaid gas bills. Transnistria

0:13.9

consumes gas, but they don't pay and we accumulate huge amount of debts. $7.5 billion.

0:22.5

It's almost the GDP of our country.

0:24.4

Free power for a region that's using it to mine millions of dollars worth of Bitcoin.

0:30.2

Are sanctioned Russian officials organizing a cryptocurrency boom?

0:34.6

The idea of a financial system without having to go through the traditional

0:39.4

banking system, highly controlled by the US, that makes cryptocurrencies really, really

0:45.1

interesting for states like Russia. That's all to come in Business Daily from the BBC.

0:53.3

We now need somebody else to put the special pass in.

0:56.8

There we go.

0:57.4

Victor has opened the door for us.

0:59.8

And in we go.

1:01.4

And this is where the magic happens.

1:05.2

That was me last month in Tbilisi in the former Soviet Republic of Georgia,

1:13.5

visiting its largest Bitcoin mining facility. A multi-million dollar factory run by a firm called Bitfury. The machines there run

1:20.0

bewilderingly complex algorithms with enough computing power. They are producing vast amounts

1:26.4

of Bitcoin, each of which is worth about $9,000 on the current global market.

1:32.3

That is the sound of money being made.

1:37.3

Huge machines.

1:41.3

They look like isolation tanks. It like a noak liquid so right so this is water is that

1:50.7

water it's a special liquid it is not water which keeps temperature the same level are in like a 12

...

Please login to see the full transcript.

Disclaimer: The podcast and artwork embedded on this page are from BBC, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of BBC and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.

Copyright © Tapesearch 2026.