- The President of the Republic of Abkhazia has announced that the country intends to set up crypto mining farms
- This comes after the country cut off power to 15 private mining facilities in January
In light of the current bull run, crypto mining has become more profitable than ever before and this speaks to just how much demand there is for crypto even as the prices increase. In various parts of the world, governments are even being forced to putting regulations regarding the use of energy for crypto mining as it becomes a more prominent activity among everyday people.
Besides the crackdown on the misuse of energy on mining, it seems certain countries intend to get in on the profitability of crypto mining all on their own as it was announced on July 2, 2019, that the Republic of Abkhazia intends to build their own crypto mining farm.
Crypto Comes to Abkhazia
This new information comes via their president Raul Khadjimba, who gave an interview to RianFAN, a local news outlet.
During his interview, he was asked if Abkhazia intends to carry out their plans of creating a large crypto mining farm. Khadjimba responded that while some difficulties are being faced, the government is trying to strengthen and legitimize the process so that it might bring in some revenue to the country’s budget. He also pointed out that several facilities are already being run by individuals within the country, albeit illegally.
In January of this year, the Abkhazian government restricted access to power 15 mining facilities that were consuming 8,950 kilowatt-hours which were the equivalent of 1800 households in the country and was part of a series of measures to limit the consumption of electricity for the purpose of mining crypto.
He did, however, state that it is necessary to put the whole thing on the state balance and he wants the state to govern the processes rather than leave it to the hands of individuals altogether. He acknowledged that there might be some potential legislative delays in the process but that the setting up of the crypto mining farm could be implemented in the near future.
Recently news broke that country’s Ministry of Economics had approved a bill that focused on the establishment of crypto mining activities within the country. The bill spoke of the legal, economic and organizational rules for implementation of crypto mining activities within the country.