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bne July 2024 Companies & Markets I 25
• Kazakhstan ranks third in Bitcoin mining, producing 59.56 BTC per day and consuming 18,572.91 GWh annually, 19.15% of the country's entire power usage. At $0.073 per kWh, this equates to $1,355,822,170.70.
• Bitcoin mining operations in Canada consume 9,097 GWh annually, which is enough to charge every EV in the country 360 times or almost once every 24 hours. At the country’s average business rate of $0.077 per kWh, this amounts to an expenditure of $697,497,089.26.
• In sixth place, Germany is the first European representative in the top 10 Bitcoin mining countries, with 13.79 BTC per day, consuming 4,300.83 GWh annually at $821,797,147.79.
• The graphics below illustrate the global electricity consump- tion and costs of Bitcoin mining by country in 2024.
More detailed information can be found in the full report, which also includes the full data and methodology used in these calculations.
Azerbaijan’s first generation of startups paves the way for technological lift-off
Adrien Henni in Baku
Could Azerbaijan, whose economy remains highly dependent on oil and gas exports, become a regional technology hub one day?
A number of government officials, business leaders, and a first generation of technology entrepreneurs are sharing this vision. “Azerbaijan is now going through a transformational period, creating an environment for startups to access funding, markets, infrastructure, talent and promoting a certain culture,” says Igor Ovcharenko, Head of Innovations at the state-owned Innovation and Digital Development Agency (IDDA).
“Combined with state and social involvement, local incubation and acceleration programs have led to the emergence of approximately 400 startup companies or projects over the past few years,” concurs Mammad Karim, General Partner at Caucasus Ventures.
Startups are indeed burgeoning in Baku. But with fewer
than 30 venture deals per year reported in recent years and an average deal amount of $163,000 in 2023, according to IDDA, the numbers are still modest. Azerbaijan lags behind Georgia and Kazakhstan, which embarked on the path to tech
innovation nearly a decade ago, but is ahead of some other post-Soviet countries in the region, where startup development has barely begun.
First startup successes
Push30 stands out as one of Azerbaijan’s largest startups. Its award-winning fitness club membership app generates over $6 million in annual recurring revenue, according to co-founder and CEO Adil Gasimov. After Azerbaijan and Uzbekistan, the company is now expanding to Kazakhstan and eyeing Middle Eastern markets. Push30 is currently in the process of raising a $3 million Series A round, “embarking on the road to becoming a unicorn,” says Gasimov.
Many Azerbaijani startups develop enterprise software, edtech and fintech solutions. One of them is Recepta, which has developed a digital receipt automation app, garnering support from Visa and the EBRD.
Designed as a haven for entrepreneurs from Russia, Ukraine and Belarus amidst war and political repression, New
Zeon hosts a variety of creative and technology projects. Internationally-oriented startups based there include
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