Abkhazia to Criminalize Crypto Mining and Extend ‘Temporary’ Ban

Source: Adobe/Bumble Dee

The de facto South Caucasus state of Abkhazia’s crypto mining miseries proceed to deepen, with the federal government set to criminalize mining – and prolong a mining ban as energy provides proceed to expertise disruption.

As beforehand reported, anarchic scenes have change into commonplace as large-scale miners have been pushed out of city by offended, lawless mobs, with energy cuts, blackouts, brownouts and even substation fires. Grid operators have warned that even if police say they’ve shut down tons of of mining rigs, an excessive amount of pressure remains to be being positioned on the community.

The principal downside, the police and power suppliers agree, is the truth that most miners are so-called “dwelling miners,” working up to ten rigs from their homes.

This has led to authorities u-turns, with political leaders banning, then legalizing then banning mining once more – regardless of long-standing plans to release the sector on the situation that each one miners pay tax on their incomes.

But per EADaily, the federal government has unveiled plans to hit miners with legal fees and fines of up to nearly USD 8,000, equal to the common (internet) take-home earnings for a yr within the state.

Public officers caught mining will face probably the most extreme punishments, with corporations caught contravening the foundations additionally in line to pay heavy penalties.

And per an official decree, the federal government has now prolonged its “short-term” ban on mining – which was due to expire on June 1 this yr – till at the least March 31, 2022.

The nation’s cupboard of ministers additionally confirmed {that a} ban on the import of crypto mining tools would even be upheld.
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Learn extra:
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This Is How Satoshi Nakamoto Defended Bitcoin Mining & Converted A Skeptic
Ethereum Moves Ahead With Plans for Earlier Transition to Proof-of-Stake
Bitcoin Mining Difficulty Aims for All-Time High; Hashrate Already There
Bitcoin Mining in 2021: Growth, Consolidation, Renewables, and Regulation
Bitcoin Miners Buy Oversupplied Energy, Turn To Renewables – Nic Carter

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