Electricity theft is one thing, but Georgian crypto miners power consumption has reached as high as 10 percent of the total electricity consumption in the country.
As the industry of crypto mining is flourishing, GCrypto miners all around the world are being sought out a lot more nowadays. Moreover, the world’s leading producer of the mining hardware Bitmain has inaugurated it (as they say) ‘World’s Largest’ farm for crypto mining.
The farm is spread over a 33,000-acre facility and has the capacity to hold about 300 Megawatts in total. As the mining of cryptocurrencies involves a huge amount of computational power, and in order to fulfill that, a greater amount of electricity is required. With the increasing number of miners, the power demand tends to get a lot higher.
Georgian crypto miners power consumption menace
As in the case of Georgia, the world’s third-largest that does the cryptocurrency mining, with China in the lead and Venezuela on the second number. Crypto miners power consumption is not a local issue but rather an international problem.
The cryptocurrency mining farms in Georgia are sucking the power grids dry, in order to meet their electricity demands. According to reports, the nation is now facing with the power outrage due to the extended scale of crypto mining. As a matter of fact, these mining farms consume about 10 percent of the total electricity in the country.
While Georgian crypto miners power consumption is at an overall rise, this issue is mainly in the Svaneti region, which has a supply of free electricity due to harsh conditions for living. So, this free electricity attracted a lot of attention from various enterprises, and now the area is turned into a Bitcoin mining hub.
Moreover, locals of the Svaneti have been facing a lot of trouble due to this unregulated use of electricity by the miners. Kakha Zhorzholiani, the Governor of Mestia Town in the Svaneti region, stated that the due to Bitcoin mining, people had to spend a whole week without power, so talks were held with the miners who agreed to halt mining, however; this issue can persist, as this could happen again in the future.
Featured Image by Wikimedia.
