The state electric utility Chernomorenergo announced via Facebook that the government of the Republic of Abkhazia cuts off power to 15 cryptocurrency farms due to problems with electricity.
The publication says that Chernomorenergo cut off power supply to 15 objects, whose total capacity is 8,950 kWh, equivalent to electricity consumption of 1800 households. The disconnection was carried out in the framework of a series of "temporary measures to restrict consumption to certain categories of subscribers". Chernomorenergo also noted that the owners of the mining farms with the understanding reacted to the power outage.
Regulatory authorities worldwide are concerned about the power consumption in the cryptocurrency industry. In November, Norway has abolished the subsidy on electricity for farms, mining bitcoins. At that moment Parliamentary Representative for the Socialist Left Party (SV) Lars Haltbrekken stated:
"Norway cannot continue to give huge tax breaks to the dirtiest forms of mining cryptocurrency. Bitcoin requires a lot of energy and causes the emission of large amounts of greenhouse gas into the atmosphere".
The Chelan County Public Utility District of the state of Washington proposed a new pricing structure for electricity for miners cryptocurrency to reduce the cost. District "is the structure of tariffs so that the cost of electricity was fixed, and a huge investment clients invested in the system, were under reliable protection".
In October it became known that the profit bitcoin miners in the first six months of 2018 surpassed the results of 2017, but the miners were unhappy with the resulting values. For the first three quarters 2018 total amount of remuneration and commissions for bitcoin miners amounted to $ 4.7 billion, which is $ 1.4 billion more than the entire profit for the year 2017. According to the miners, they managed to get about 54 thousand bitcoins in a month.
In December the Chinese miners became the largest sellers of bitcoins both on local and international markets. This happened after the increase in hedging operations in the current bear market. It is known that the decline in the cryptocurrency market have forced miners new generation to start to hedge its own coins in order to avoid market risks.