President of Abkhazia Green Lights Project to Develop a Significant-Sized Bitcoin Mining Farm

As per a number of news reports that were released earlier this year, the Abkhazian government allegedly cut-off 15 mining facilities from the nation’s power grid. It was being reported that these 15 mining farms were consuming electricity that could power 1,800 households.

  • The Abkhazian regime recently passed a law that allows crypto mining activities to take place legally within the country.
  • While there still exist a few legal and financial hurdles that need to be overcome, President Khajimba is quite sure that a government-funded mining farm will become operational within his nation’s borders in the near future.

According to an interview given by Abkhazia President Raul Khajimba to a local media outlet recently, he is looking to create a large crypto mining farm within his nation’s borders in the near future.

On the subject, he was quoted as saying:

“Unfortunately, there are some difficulties. We are trying to legitimize these processes so that they bring some revenue to the country's budget.”

As things stand, Abkhazia is currently facing a number of issues related to people operating mining rigs illegally from their homes. As a result of this, President Khajimba plans on implementing a new regulatory framework that will not only put an end to such problems but also place the country’s mining industry under the government’s purview.

Despite there being a lot of potential for legislative delays, Khajimba is quite confident that his regime will be able to set up a state-of-the-art crypto mining farm within Abkhazia

“sooner rather than later.”

Abkhazia’s Ministry of Economics recently passed a bill (June to be exact) that allows crypto mining activities to take place within the country.

The aforementioned legislation clearly establishes crypto related definitions as well as sets out economic and technical rules for crypto mining activities for Abkhazian bitcoin enthusiasts.

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Shiraz J
Shiraz is a multi-year cryptocurrency analyst and blockchain journalist residing in Melbourne, Australia. When he is not writing about the bitcoin ecosystem, he enjoys the art of meditation, playing the blues and traveling the world.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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