Georgia Implements New Regulations to Combat Illegal Cryptomining

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 1 hour ago

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Surging Electricity Demand: The electricity demand in the Mestia region is projected to reach 133 million kilowatt-hours by 2025, significantly higher than the usual 10 million kilowatt-hours in similar areas, with illegal mining activities causing severe disruptions to residents and tourists alike.
Significant Economic Drain: Unauthorized Bitcoin mining in Mestia incurs annual electricity costs between 20 to 25 million lari, approximately 9.4 to 9.5 million USD, placing immense financial strain on the local economy and prompting government intervention to address the issue.
New Metering System Implementation: The Georgian government plans to deploy new power metering systems across Mestia to effectively track and combat illegal energy consumption, ensuring that legitimate users are not disrupted while uncovering hidden mining operations.
Subsidy Policies Maintained: Despite the new regulations, legal consumers in the Svaneti region will continue to benefit from electricity subsidies, keeping usage free under designated limits, as authorities aim to balance economic incentives with robust oversight through the new technology.

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Technical Analysis for BTC

Technical Sentiment Analysis for Bitcoin (BTC). As of , Bitcoin (BTC) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 10 technical signals, shows that 5 indicators are flashing buy, while 5 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Bitcoin (BTC) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	56901.103	61988.552	67905.103	72992.552	78909.103	83996.552	89913.103
Fibonacci	61988.552	66192.08	68789.024	72992.552	77196.08	79793.024	83996.552

About BTC

Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias Satoshi Nakamoto. It was launched soon after, in January 2009.Bitcoin is a peer-to-peer online currency, meaning that all transactions happen directly between equal, independent network participants, without the need for any intermediary to permit or facilitate them. Bitcoin was created, according to Nakamoto’s own words, to allow “online payments to be sent directly from one party to another without going through a financial institution.”Some concepts for a similar type of a decentralized electronic currency precede BTC, but Bitcoin holds the distinction of being the first-ever cryptocurrency to come into actual use.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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