Abkhazia to build large crypto mining farm, president says

The partially recognized Republic of Abkhazia is planning to build a large-scale cryptocurrency mining farm, President Raul Khadjimba claimed in an interview with news outlet RiaFAN published on July 2.

When asked if Abkhazia’s plans to establish large-scale crypto mining farms are still valid, Khadjimba said “Unfortunately, there are some difficulties. We are trying to legalize these processes in order to bring some revenue to the state’s budget.” Khadjimba also noted that Abkhazia already has facilities illegally established by individuals.

Khajimba agreed with the statement that it is necessary to “put the whole thing on a national balance,” adding that “we want the state to manage this kind of process.” Despite the potential for delays in legislation, Khajimba predicted that the planned mining farms could be established sooner rather than later.

Khadjimba’s statement came after the Abkhaz Ministry of Economy approved a bill on establishing crypto-currency mining activities in the country in late June. The proposed regulation sets out the legal, economic, organizational and technical rules for implementing mining cryptocurrency activities in the republic.

As Cointelegraph reported, in January this year, the Abkhaz government cut off to 15 mining facilities a total capacity of 8,950 kilowatt-hours (kWh), which is said to be equivalent to the electricity consumption of 1,800 households. The cuts were part of a series of "temporary measures to limit electricity consumption of certain categories of users."