Abkhazia’s government cut off the power to 15 cryptocurrency mining farm

In Abkhazia, the government has cut power to few cryptocurrency mining farms because of electricity purposes. A local electric utility Chernomorenergo RUE announced on Facebook at the end of December.

Based on a report, Chernomorenergo cut the power at 15 mining farms. The total electricity usage was 8,950 kilowatt-hours (kWh). This electricity consumption could be enough of 1,800 households. This activity was part of a series of “temporary measures to limit the consumption of electricity by certain categories of subscribers”. Chernomorenergo added as well, after the cuts, the mining farm owners showed understanding and collaboration.

Regulations

The cryptocurrency mining regulators globally declared their concerns regarding the mining  industry’s electricity consumption. Norway ended electricity subsidies for Bitcoin (BTC) mining farms in November. In fact, the Socialist Left Party (SV), Lars Haltbrekken, a parliamentary Representative, stated that : “Norway cannot continue to provide huge tax incentives for the most dirty form of cryptocurrency output […] [Bitcoin] requires a lot of energy and generates large greenhouse gas emissions globally.”

The Chelan County Public Utility District of the state of Washington suggested a new electricity pricing form, for cryptocurrency miners. In order to lower the cost of increased electricity interest. The district “is addressing (the rate structure) in a way that captures the cost and protects the investment for the customers that are already here and invested greatly in our system.”

bitcoin on a cpu

Results

Based on a report, for the first six months of 2018, Bitcoin miner revenues had surpassed results in 2017. However, miners themselves saw little profit, according to Diar, a weekly crypto outlet . BTC miners had already reached $4.7 billion with the rewards and fees, in the first three quarters of 2018. This is approximately $1.4 billion more than the profits of 2017. In fact, Miners allegedly gained 54,000 Bitcoin monthly.

Moreover, Chinese miners reportedly became the biggest short sellers of Bitcoin. Even locally but also internationally in December, following an increased number of hedging operations in the current bear market. A new generation miners started to hedge their coins to avoid market risks, in the current situation.

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