Cryptomonal fever in the small Caucasian republic of Abkhazia

In this small secessionist republic of Georgia, more and more people are engaged in cryptocurrency mining – a computer process that generates cryptocurrency – an activity banned by the government but so practiced that it is in the process of being phased out. complete the system local energy already running out of steam.

Abkhazia, a small republic of 245,000 inhabitants legally part of Georgia, but de facto independent since 1993 and recognized as such by Russia in 2008, is in the grip of a veritable crypto-currency fever which has brought it to the brink of an energy crisis, reports the site Ekho Kavkaza. “The scale of the cryptocurrency mining phenomenon [dont le bitcoin] is beyond imagination: everyone thinks only of making money from nothing ”, notes a correspondent of the site Spoutnik Abkhazia.

“People publish classified ads in newspapers: to buy mining equipment, they sell cars, land, houses., writes the journalist. Even criminals, instead of properly stealing cars, cellphones or televisions, steal mining machines, and have become so expert in the matter that they only target the latest, most powerful equipment. ”

From the micro-sidewalkEkho Kavkaza, According to an inhabitant of Sukhumi, the capital of Abkhazia, a republic which lives under financial drip from Moscow (134 million euros in endowments in 2019), that “The population becomes impoverished and finds no other solution than mining to improve its material conditions”. The total capacity of the mining equipment is 40 or even 45 MW and their annual consumption of 400 million kWh, “Or almost the entire volume of the electricity shortage in Abkhazia”, explains the site on the Caucasus Jam-News.net. Since 2016, because of illegal mining, the annual consumption of electricity in Abkhazia has increased by 30%, according to the Minister of Economy Kristina Ozgan, quoted by the Russian economic newspaper RBC. The shortfall of the local public electricity company

[…]

Alda Engoian

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.