Over $50K Raised by BitFury and GCF for Tbilisi Flood Victims

Bitcoin mining giant BitFury and its main investor, Georgian Co-Investment Fund (GCF), have announced their fundraising campaign to help recent flood victims in Tbilisi.

The flooding killed at least 12 people, with up to 10 still missing and dozens left homeless. Buildings, cars and roads were swept away. Hundreds of local zoo animals were killed as well, the damage causing several others to escape into the city.

Tbilisi, Georgia's capital, is home to GCF and a major part of BitFury's operations. Recently, BitFury announced its acquisition of a 2 million square foot plot in the city to develop the ‘Georgian Technology Park’ project, which will house a large data center for mining.

BitFury CEO Valery Vavilov and GCF CEO George Bachiashvili expressed their condolences for the victims, and expressed hope that they could be supported by the Bitcoin community.

Bitcoin and other Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term have been somewhat popularized for donation campaigns due to the relative ease and cost-effectiveness of sending smaller Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term worldwide.

A total of roughly 214.5 BTC (equal to $51,100), from 12 transactions, has been received at the address for donations thus far.