ANALYSIS OF THE ELECTRICITY CONSUMPTION AND CRYPTOCURRENCY PRICE DYNAMICS (GEORGIAN CASE)
ANALYSIS OF THE ELECTRICITY CONSUMPTION AND CRYPTOCURRENCY PRICE DYNAMICS (GEORGIAN CASE)
Author(s): Revaz GeradzeSubject(s): Energy and Environmental Studies, Economic policy, Financial Markets, ICT Information and Communications Technologies
Published by: Asociaţia de Cooperare Cultural-Educaţională Suceava
Keywords: cryptocurrency; cost of electricity; price of cryptocurrency; regulation of cryptocurrency; Energy Sector Risk;
Summary/Abstract: Recent fluctuations in the cryptocurrency prices raised a question about profitability of the mining process. As a result, a lot of companies around the world stopped producing cryptocurrency. Same happened in Georgia, however the share of electricity consumed in the mining process (counting only direct consumers) in the total electricity supply of the country exceeded 5 percent in 2019. The same indicator for the whole world is small enough and approximately equals to 0.3 percent of the total world electricity consumption. It is relatively new and remarkably important for the countries around the world to work on various approaches of regulating mining and usage process of cryptocurrencies. The regulatory methods significantly differ country by country. Existing regulations mainly cover status of the cryptocurrency and taxation approaches. Given foreign experience, it is desirable to consider the main models of tax regulation of cryptocurrencies and to adjust them to the reality of Georgia.
Journal: Ecoforum
- Issue Year: 9/2020
- Issue No: 3
- Page Range: 0-0
- Page Count: 6
- Language: English