Abkhazia included over 60 mining farms in the national register

Abkhazia included over 60 mining farms in the national register

Furious Abkhazian Villagers Forcibly Close Down Crypto Mining Farms

Contents

Abkhazia included over 60 mining farms in the national register
CONTENT

  • Ministry of Economy reported on registration of 65 mining farms

  • This is not the whole list of local cryptocurrency miners, says the Deputy Minister of Economy of Abkhazia

  • Earlier, the republic almost found itself on the verge of an energy crisis due to illegal mining

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The Ministry of Economy of Abkhazia reports on the successful registration of 65 cryptocurrency mining centers in the national register

Abkhazia included over 60 mining farms in the national register

The Ministry of Economy of Abkhazia has included 65 cryptocurrency mining centers in the national register. Deputy Minister of Economy of Abkhazia Teimuraz Mikvabia stated this in an interview with Sputnik. According to the Deputy Minister of Economics, both individual entrepreneurs and legal entities appear among the registered companies. At the same time, Mikvabia admits that so far not all have passed the necessary registration:

“Naturally, not all of them have registered yet, but at the moment work is underway to identify farms whose owners have not submitted applications.”.

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The Deputy Minister recalled that for illegal connection to power lines, sanctions can be applied, including a fine and a ban on activities for up to three months. Two years ago, the government of Abkhazia banned cryptocurrency mining, but in early October 2020 decided to legalize it in order to avoid a large-scale energy crisis.

Local authorities announced the creation of a national register of mining farms. At the same time, according to the decree of the Cabinet of Ministers of Abkhazia, all miners had to register in the register and receive the corresponding statement by November 7.

Voluntary-compulsory

Before the legalization of the mining market, Abkhazia was a real center for illegal mining of cryptocurrencies. As reported by the editorial staff of BeInCrypto, since the beginning of 2020, the country has imported mining equipment in the amount of $ 589 thousand. Despite the fact that in the short term, the Abkhaz authorities successfully reported on replenishing the budget by more than $ 84 thousand through tax deductions, at the end of September 2020 the republic was on the verge of an energy collapse.

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In November 2019, the load on the network in the republic jumped to 40 MW per day, which is the maximum allowable capacity for the republican unitary enterprise Chernomorenergo. At the same time, in October, Deputy Prime Minister and Minister of Economy of Abkhazia Kristina Ozgan noted that it is the power engineers who “better than anyone” know who is engaged in illegal activities in the extraction of cryptocurrencies.

Lack of unity

In Russia, the issue of legalizing cryptocurrency mining remains in limbo. In early October, the Russian Association of Cryptocurrencies and Blockchain (RACIB) doubted that the Central Bank of the Russian Federation understood the concept of the National Mining Pool (NMP). According to the statement of the President of RACIB Yuri Pripachkin, the motives and arguments of the regulator, which sees a threat in national mining, “have nothing to do” with the IMP.

Abkhazia included over 60 mining farms in the national register

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