President Raul Khadjimba has confirmed that the Republic of Abkhazia will in the future construct a vast cryptocurrency mining farm.
Although the Khadjimba admitted during RiaFAN July 2’s interview that there had been several difficulties, the crypto mining project is still valid.
Khadjimba also pointed out that the country is “….trying to legitimize these processes so that they bring some revenue to the country’s budget.” However, in his opinion, individuals have already established illegal facilities in Abkhazia.
Through putting the state to govern such processes, there will be a state balance. Khajimba hopes that the mining farm will be implemented within the soonest time possible in spite of the existing legislative delays.
Just before this statement came out, the Ministry of Economics in Abkhazia approved (in late June) a bill that proposes for cryptocurrency mining activities to be established in the country
The regulations that are proposed guide cryptocurrency mining activities in the country through setting organizational, economic, technical, and legal rules.
In January, the Abkhazian government decided to cut power supply to around 15 mining facilities with an accumulative 8,950 kilowatt-hours (kWh) capacity. This amount of electricity consumption is equivalent to what approximately 1,800 households consume. These cuts are amongst several “temporary measures to limit the consumption of electricity by certain categories of subscribers.”