Bitcoin News and Finance
Despite Criminalizing Mining, Abkhazia Uncovers Another Crypto Farm Skip to main content

Despite Criminalizing Mining, Abkhazia Uncovers Another Crypto Farm

Despite Criminalizing Mining, Abkhazia Uncovers Another Crypto Farm

Even after introducing fines and criminal liability for cryptocurrency mining, Abkhazia continues to find underground facilities for digital currency extraction. This week, law enforcement officials have confiscated dozens of mining devices from an illegal crypto farm.

Abkhazia Shuts Down Crypto Farm, Seizes Mining Hardware

Police in Abkhazia have closed down another crypto mining installation in a rural area of the breakaway Georgian republic. The illegal coin minting facility was located in the village of Yashtuha, Sukhumi region, the Ministry of Internal Affairs announced.

Representatives of the interior ministry, together with officials from the Department for Energy Supervision and other government agencies, raided the cryptocurrency farm on Wednesday, May 16, acting on a tip-off.

An administrative protocol has been drawn up against the miner, 29-year-old local resident Khanchalyan Robertovich. He operated 31 mining machines that have been confiscated and transferred to a government-owned warehouse.

In the past few years, many Abkhazians have turned to crypto mining as an alternative source of income. The government of the partially recognized republic in the South Caucasus has blamed the energy-intensive process for the territory’s growing electricity deficit.

To deal with the power shortages, the Russia-backed de facto state imposed a temporary ban on crypto mining and hardware imports in 2018. Last year, the measure was extended until March 31, 2022 and then in April, prolonged until the end of this year.

Authorities in Sukhumi also introduced hefty fines and criminal liability for illegal use of electricity to produce cryptocurrencies. Mining is believed to be the main cause for the frequent breakdowns of the republic’s power distribution network.

Officials in Sukhumi have since admitted that their efforts to curb crypto mining have largely failed. Reports revealed last summer that Abkhazia had held talks with Russia in an attempt to solve its issues with electricity supply. At the time, the government was also planning to regulate the activity and ensure that miners are legally connected to the grid.

Do you expect Abkhazia to legalize cryptocurrency mining once it overcomes its electricity shortages? Tell us in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory