A report by CoinTelegraph said that the coronavirus pandemic has badly affected the economy of the Svaneti region, which is largely dependent on tourism. In such a situation, hundreds of people here are doing crypto mining to continue earning. Due to this the power supply in the area has been severely affected.
The creation of bitcoin tokens involves the arduous task of solving algorithms on advanced computers. These machines need to be plugged in at all times. These machines consume a lot of electricity. This affects the power supply in the area. In a video clip shared by news outlet Sputnik Georgia, people can be seen taking St. George’s sacred oath against cryptocurrency mining.
The move comes after protests broke out in the city demanding more power supply.
According to Cryptocurrency.net, the cheap electricity supplied in Svaneti has attracted crypto miners. In this hilly area, cheap electricity is provided to encourage businesses. But due to crypto mining, the power supply here has been affected a lot.
Last year, a research report claimed that between 1 January 2016 and 30 June 2018, the mining of four major cryptocurrencies produced 13 million metric tons of carbon dioxide. In recent times, many other countries have also implemented measures to save the huge amount of electricity being spent in crypto mining.
Earlier this year, Kosovo confiscated a total of 300 crypto miners in the country. Crypto mining was being done by fitting these machines in people’s homes, garages and balconies. Kosovo banned crypto mining on 5 January.
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