The partially recognized Republic of Abkhazia is planning to build a large cryptocurrency mining farm, the President Raul Khadjimba claimed in an interview with news outlet RiaFAN, published on July 2.
When asked if Abkhazia's plans to create a large crypto mining farm are still valid, Khadjimba said that "Unfortunately, there are some difficulties. We are trying to legitimize these processes so that they bring some revenue to the country's budget." Khadjimba also pointed out that Abkhazia already hosts facilities illegally established by individuals.
Khajimba agreed with the remark that it is necessary to "Put the whole thing on the state balance," and added that "We want the state to govern such processes." Despite the potential for legislative delays, Khajimba predicted that the plan to set up a mining farm can be implemented sooner rather than later.
Khadjimba's statements were made in the wake of the news that Abkhazia's Ministry of Economics approved a bill on the establishment of cryptocurrency mining activities in the country in late June.
The proposed regulation defines legal, economic, organizational, and technical rules for the implementation of mining cryptocurrency activities in the republic.
As reported in January of this year, the Abkhazian government cut power to 15 mining facilities with a total capacity of 8,950 kilowatt-hours, which was purportedly equivalent to the electricity consumption of 1,800 households.
The cuts were part of a series of "Temporary measures to limit the consumption of electricity by certain categories of subscribers."
Abkhazia to Build Large Crypto Mining Farm, President Says
Udgivet den Jul 2, 2019
by Cointele | Udgivet den Coinage
Coinage
Seneste nyheder
Se alt
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.