Crypto mining: Georgians swear an oath to stop activities

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TL; DR Breakdown

  • Georgians swear an oath to stop crypto mining activities
  • Residents of Svaneti swear an oath
  • Countries continue to ban miners activities

Over the last few months, countries have continued to cry out about the adverse effects of crypto mining on their economy. Ranging from the massive energy expended to the adverse effects on power grids, uncontrolled mining has continued to be frowned at by governments worldwide. One such country is Georgia which has taken a rather unorthodox approach in asking citizens to stop their crypto mining activities.

Residents of the Svaneti region swear an oath

According to the news circulating across Georgia, citizens in the Svaneti region have been urged to undertake an oath not to carry out crypto mining activities. This is one of the measures the country has taken to ensure that energy shortages are combated. Over the years, the Svaneti region has been a site for tourist attractions generating income from 2000 to 2019.

Due to the adverse effects of the coronavirus pandemics, the country had to shit down to protect citizens in 2020. However, things have slowly picked up pace since late last year up till this moment. In a bid to escape the harsh realities of the pandemic, the country’s citizens, like most others, turned to crypto mining and bitcoin as a means to earn profits. The country has also recognized these activities as the major reason for the issues suffered by the electricity in the country.

Countries continue to ban miners activities

Going by a video shared by a local news outlet in the country, citizens were seen at a church swearing an oath not to carry out crypto mining activities. According to the region’s beliefs, anyone who swears such oaths cannot break them. The Svaneti region has been rocked by so many issues related to crypto mining. Some months ago, residents started a demonstration on the issues while electricity providers have said they would increase electricity tariffs.

One of the perks of mining in the region is the free usage of electricity. This is also the case across many countries with cheap or free electricity. Mestia, another region, has also complained of the quality of electricity that the activities of crypto miners have dampened. Kosovo has taken a bold step to ban crypto mining activities across the country. Kazakhstan, which used to be the second most active country in crypto mining, has also banned such activities.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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