Cryptocurrency mining threatens electrical network in Abkhazia
20 December, 2018
Cryptocurrency mining threatens electrical network in Abkhazia
In the breakaway region of Akbhazia rampant cryptocurrency mining is threatening the shaky electrical network, reports an article of the news portal EuroNet. Like Georgia, Abkhazia has recently emerged as a cryptocurrency enthusiast. Mining operations –very powerful computers that need a lot of electricity - have been set up in abandoned Soviet factories.

“We have the so-called mining farms, set up on the premises of abandoned or partly abandoned factories. This puts additional load on our grid”, said Aslan Basaria, head
of the state-run energy company Chernomorenergo.

Abkhazia produce electricity mainly with the help of hydropower. In winter, when water levels in giant Jvari Reservoir are low and electricity consumption is high, the hydropower production cannot meet both demands – the demand for electricity by the people and the one by the cryptocurrency mining industry. “If temperatures fall, there is a risk that electricity will not reach regular customers”, Basaria said.

geotv.ge
The Jvari Enguri Reservoir provides Georgia and Abkhazia with electricity

The long-troubled energy supply system is now groaning under the weight of cryptocurrency prospecting. But, on the other hand, cryptocurrency is offering the secluded region a chance to plug into an international money-making network, reads the EuroNet article.

Being free of state regulations, cryptocurrency is reportedly helping twilight zones like Abkhazia and the Donetsk People’s Republic, a breakaway part of Ukraine, skirt international restrictions and attract investment and trade. There is even an effort underway to digitally mint Abkhazia’s own cryptocurrency, “Abkhazia Republic Coin”, reads the report.

geotv.ge
Electricity is supposed to get scare good for the people in Abkhazia

One start-up presented the coin idea at a blockchain conference in Moscow last year. Yevgeniy Galiakhmetov, head of blockchain company BCSG, said at the conference that cryptocurrency is destined to entirely transform Abkhazia, delivering the region into the future of economic prosperity and bustling international trade, reported the news service Meduza.

The Abkhazian authorities, chief among them Ardzinba, appear to support the cryptocurrency plans and even sought Russian President Vladimir Putin’s imprimatur to proceed, Meduza reported.
How Abkhazia is going to reconcile its big cryptocurrency plans with the problem of electricity shortage remains unclear.

Source: Eurasianet.org via Oilprize.com

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