Government of Abkhazia Cuts Off Power to 15 Cryptocurrency Mining Facilities

The authorities of Abkhazia has lower off energy to 15 crypto mining farms because of considerations over electrical energy consumption.

The authorities of the Republic of Abkhazia has lower energy to some cryptocurrency mining farms because of electrical energy considerations, state electrical utility Chernomorenergo RUE introduced in a Facebook publish on Dec. 31.

Per the announcement, Chernomorenergo lower energy to 15 services with a complete capability of 8,950 kilowatt-hours (kWh), which is purportedly equal to the electrical energy consumption of 1,800 households. The cuts have been made as a part of a sequence of “short-term measures to restrict the consumption of electrical energy by sure classes of subscribers.” Chernomorenergo additionally notes that, following the cuts, homeowners of the mining farms confirmed understanding and collaboration.

Regulators worldwide have expressed considerations over the cryptocurrency mining trade’s electrical energy consumption. In November, Norway ended electrical energy subsidies for Bitcoin (BTC) mining services. Parliamentary Representative for the Socialist Left Party (SV) Lars Haltbrekken acknowledged that “Norway can not proceed to offer big tax incentives for essentially the most soiled type of cryptocurrency output […] [Bitcoin] requires a variety of power and generates massive greenhouse gasoline emissions globally.”

In the United States, the Chelan County Public Utility District of the state of Washington proposed a brand new electrical energy pricing construction for cryptocurrency miners meant to move down the price of elevated electrical energy demand. The district “is addressing (the speed construction) in a means that captures the associated fee and protects the funding for the purchasers which are already right here and invested tremendously in our system.”

As Cointelegraph reported in October, Bitcoin miner revenues for the primary six months of 2018 had surpassed ends in 2017, however miners themselves noticed little revenue, in response to weekly crypto outlet Diar. By that point, the rewards and charges for BTC miners had already reached $4.7 billion within the first three quarters of 2018, round $1.Four billion greater than the income in all of 2017. Miners reportedly nonetheless gained 54,000 Bitcoin month-to-month.

In December, Chinese miners reportedly turned the most important quick sellers of Bitcoin each regionally and internationally, following an elevated variety of hedging operations within the present bear market. The extreme cryptocurrency market decline reportedly induced a brand new era miners to start out hedging their cash to keep away from market dangers.

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