In a decisive move, Abkhazia's Parliament has toughened its stance against cryptocurrency mining by amending its Criminal Code. The new legislation mandates the seizure and court-ordered confiscation of <a href="https://ultramining.com/news/en/immersion-cooling-transforms-chinas-crypto-mining-landscape/" rel="noopener noreferrer nofollow">mining equipment</a>. This step comes in response to a significant energy crisis, which has plagued the region since 2020, largely attributed to illegal crypto mining activities, according to <a href="https://jam-news.net/fight-against-cryptomining-in-abkhazia/" rel="noopener noreferrer nofollow">JAMnews</a>.
Previously, seized mining equipment was temporarily held by the Interior Ministry and owners were fined 200,000 rubles per kilowatt of power. Despite these measures, including the return of equipment under certain conditions, the energy consumption in Abkhazia has skyrocketed from 2 to 3 billion kilowatt hours since 2020. This indicates the ineffectiveness of earlier strategies.
President Aslan Bzhania, addressing a closed-door parliamentary meeting on December 11, underscored the urgency of implementing this new law. He emphasized extending the seizure laws to include transformers used exclusively for crypto mining, reflecting the government's commitment to curbing this energy-intensive activity.
The move symbolizes a crucial pivot in Abkhazia's approach to dealing with the challenges posed by cryptocurrency mining. It highlights the delicate balance regions must maintain between technological advancement and environmental sustainability. This decision is poised to have a significant impact on local <a href="https://ultramining.com/news/en/hut-8s-q2-2023-a-bitcoin-mining-marvel/" rel="noopener noreferrer nofollow">crypto miners</a> and could set a precedent for other regions grappling with similar issues.

Abkhazia Intensifies Clampdown on Crypto Mining

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