Crypto Mining Crackdown: Abkhazia Shuts Down Eight Mining Farms
Login

Crypto Mining Crackdown: Abkhazia Shuts Down Eight Mining Farms

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:


Authorities in the partially recognized South Caucasus republic, Abkhazia, have identified and shut down eight crypto mining farms over the past two weeks. This clampdown involved mining facilities that operated in breach of the country’s ban on cryptocurrency mining.

According to an official statement on the Ministry of Interior’s website, Abkhazian authorities have disconnected over 350 units of crypto mining hardware from the national grid.

The Ministry of Interior is responsible for the hunt for illegally-run mining farms in several regions across the South Caucasian republic. Authorities located three illegal mining farms in the capital city, Sukhumi, where 17 mining rigs got shut down and administrative penalties got imposed on the owners.

The authorities located three other mining facilities in Gudauta District, where 128 mining rigs got disconnected.

Meanwhile, the authorities found the largest illegal mining farm in Gali District, where 184 mining rigs operated. The local power distribution company noted that this mining farm consumed about 170 kilowatts of electricity. The authorities imposed a fine of 408,000 Russian rubles ($5,660) on the operators and promptly disconnected the firm from the grid.

During the inspection conducted in Gagra District, authorities unearthed another 17 crypto mining devices, estimated to have consumed about 28.5 kilowatts of power. As expected, these rigs got shut down and sealed.

Crypto Mining Defaulters Could Face Jail Time

The Ministry of Interior of Abkhazia conducts routine daily inspections to identify mining facilities going against the latest instated regulations in the country.

Some months back, the government in Sukhumi extended a temporary ban on cryptocurrency mining in the city to March 2022. Companies caught illegally using electrical power to mine crypto could get slammed with hefty fines or serve jail sentences.

The Russian-backed de facto state implemented these restrictions on crypto mining activities in 2018, following an energy crisis in the nation.

 

You can purchase crypto coins here: Buy Coins

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News