The government of the Republic of Abkhazia has cut power to some cryptocurrency mining farms because of electricity considerations, state electrical utility Chernomorenergo RUE declared during a Facebook post on January. 1.
Per the announcement, Chernomorenergo cut power to fifteen facilities with a complete capacity of 8,950 kilowatt-hours (kWh), which is supposedly equivalent to the electricity consumption of 1,800 households. The cuts were made as a part of a series of “temporary measures to limit the consumption of electricity by certain classes of subscribers." Chernomorenergo conjointly notes that, following the cuts, owners of the mining farms showed understanding and collaboration.
Regulators worldwide have expressed considerations over the cryptocurrency mining industry’s electricity consumption. In Nov, Norway concluded electricity subsidies for Bitcoin (BTC) mining facilities. Parliamentary Representative for the Socialist Left Party (SV) Lars Haltbrekken explicit that "Norway cannot still offer immense tax incentives for the most dirty sort of cryptocurrency output [...] [Bitcoin] needs lots of energy and generates massive greenhouse emission emissions globally."
In the U. S., the Chelan County public utility District of the state of Washington projected a brand new electricity pricing structure for cryptocurrency miners meant to pass down the price of increased electricity demand. The district “is addressing (the rate structure) in a method that captures the price and protects the investment for the shoppers that are already here and invested greatly in our system.”
As Top Market Group LLC reported in October, Bitcoin miner revenues for the first six months of 2018 had surpassed results in 2017, however miners themselves saw very little profit, as per weekly crypto outlet Diar. By that point, the rewards and charges for BTC miners had already reached $4.7 billion within the initial 3 quarters of 2018, around $1.4 billion over the profits in all of 2017. Miners reportedly still gained 54,000 Bitcoin monthly.
In December, Chinese miners reportedly became the largest short sellers of Bitcoin both regionally and internationally, following an increased range of hedging operations within the current market. The severe cryptocurrency market decline reportedly caused a new generation miners to begin hedging their coins to avoid market risks.
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