Categories: Market

Abkhazia to build a new information technology park dedicated to token mining

It seems that the fate of Bitcoin (BTC) and crypto mining in the Caucasus state of Abkhazia has taken another strange turn after the government announced it was building a new information technology park for token mining.

Abkhazia will build a new information technology park dedicated to token mining

Abkhazia will build a new information technology park dedicated to token mining

According to EADaily sources, the President of Abkhazia, Aslan Bzhania, made the announcement during his visit to the Gudauta and Gagra regions, where he announced that a new Gyachripsh-based substation would be operational – “a crypto-mining technology “Powered Park.”

The same media quoted Abkhazia‘s Deputy Prime Minister and Minister of Economy Christina Özgan, saying that it was necessary to build a new substation near existing power plants or to increase the capacity of existing power plants.

Abkhazia plans crypto mining technology park project

Bzhania appeared to have prioritized the new project and held meetings on the matter during a visit to Moscow last week, the media company added.

Among other meetings that EADaily noted, Bzhania held “a summit with Russian partners” on the topic of “Creating a technology park for crypto miners in Abkhazia”.

The media also added that the government “intended to create the park to relieve the country’s energy system of unnecessary stress”.

The President announced that the projects were “ongoing” and “progress” was being made.

Bzhania concludes, “Final decisions on this matter should be made by October-November.

Ozgan stated that the Russian electricity giant Inter RAO was a partner in the project and that “a team of experts” from the supplier had visited Abkhazia to “examine the technical feasibility of the electricity supply in connection with the existing network.

“The most accepted option is the Gyachripsh substation”, said Ozgan.

The government of Abkhazia, which once welcomed crypto miners with open arms, has since faced an uphill battle against crypto mining after electricity shortages, breakdowns and even substation fires led to anarchy in parts of the country.

Temporary mining bans and import bans on crypto mining rigs were put in place, leading to political unrest. The bans were lifted and then reapplied in a series of increasingly confusing rounds.

But the government could keep an eye on similar tech crypto mining projects in Kazakhstan and Belarus, where mining has proven to be a fast-growing engine of growth for Asana and Minsk.

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Temporary mining bans and import bans on crypto mining rigs were put in place, leading to political unrest. The bans were lifted and then reapplied in a series of increasingly confusing rounds. Temporary mining bans and import bans on crypto mining rigs were put in place, leading to political unrest. The bans were lifted and then reapplied in a series of increasingly confusing rounds. Temporary mining bans and import bans on crypto mining rigs were put in place, leading to political unrest. The bans were lifted and then reapplied in a series of increasingly confusing rounds. Temporary mining bans and import bans on crypto mining rigs were put in place, leading to political unrest. The bans were lifted and then reapplied in a series of increasingly confusing mining bans and import bans on crypto mining rigs were put in place, leading to political unrest. The bans were lifted and then reapplied in a series of increasingly confusing rounds.

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.