Georgian citizens made to swear an oath to stop mining crypto
A holy oath was taken to try to ensure the region’s power grid would work at its most efficient level, as crypto miners are blamed for drawing off too much juice. Residents of Svaneti, Georgia, have reportedly been made to pledge a holy oath they will not mine cryptocurrency in order to deal with energy shortages blamed on Bitcoin mining.The economy of the northwest Svaneti region of Georgia depends on tourism spending, which rose every year from 2000 to 2019 according to Macrotrends. As a result of the Covid-19 pandemic, however, tourism plummeted in 2020 and has only recently begun to....
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A combination of laissez-faire factors has created a beneficial environment for cryptocurrency mining in Georgia. Who would have thought that a small country in the Caucasus Mountains could become one of the world’s leaders in cryptocurrency mining?Despite its small size and population, Georgia has become a popular spot for cryptocurrency mining thanks to its cheap electricity, the absence of legislative restrictions and attractive tax incentives. This combination of factors has engaged not only Georgian citizens but also foreigners who want to try their hand at cryptocurrency mining.....
The NFT is a digital representation of the oath of office signed by Israel’s sixth president, Chaim Herzog, who is the father of President-elect Isaac Herzog. Given nonfungible tokens’ (NFT) ability to digitally represent a wide set of assets, the underlying technology has found itself with numerous use cases including property and digital collectibles.One of its newest use cases comes from Israel, where the government has decided to welcome President-elect Isaac Herzog with an NFT oath. The NFT is a digital representation of the oath signed by his father and the country’s sixth president,....
Police in the southern Russian city of Astrakhan have detained a man accused of defrauding people who wanted to purchase crypto miners. Law enforcement officials say the suspect made millions of rubles through fictitious sales of mining devices to Russian citizens and foreigners. Investigators Claim Russian Made Money Selling Nonexistent Crypto Mining Rigs A resident of Russian Republic of Tatarstan’s capital city, Kazan, has been apprehended in Astrakhan, Southern Russia, for allegedly defrauding 10 local residents and a number of foreigners who tried to buy mining equipment from....
The tiny nation in the Caucasus accounts for almost 1% of Bitcoin mining and has over $1 million in under regulated crypto turnover monthly. Georgia, the country on the Black Sea, is preparing to regulate its cryptocurrency market. National Bank of Georgia Governor Koba Gvenetadze told The Financial on Monday that the central bank has already developed draft regulatory legislation in accordance with the requirements of international agencies.Gvenetadze said the size of the Georgian crypto market is unknown, due to the lack of regulation. However an estimate by Moneyval, the Council of....
Legislation under consideration in New York to stop Bitcoin mining over environmental concerns won’t stop an increasingly-green industry.