Kazakh ministry halts illegal crypto mining operations
Government efforts to identify and disconnect mining farms from the electrical networks will continue, according to the announcement. The Kazakh Ministry of Energy announced that it has discovered and terminated 13 cryptocurrency mining operations. The government executed the shutdown as part of its efforts to regulate the Bitcoin (BTC) mining sector, which has grown increasingly popular in recent years.As per the official statement, the miners were using a lot of energy, with a total power consumption of 202 megawatts. According to the Kazakhstan government, efforts to identify and....
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The Financial Monitoring Agency, Kazakhstan's financial watchdog, emphasizes the need to regulate the sector. The Financial Monitoring Agency of the Republic of Kazakhstan reported earlier on Tuesday that 55 illegal mining farms “voluntarily stopped their operation” due to an enforcement campaign by the regulator, and another 51 entities’ operations “were terminated.” The enforcement operation targeted illegal mining operations that compromised the nation’s energy network. The agency called for developing a clear regulatory approach to crypto mining in its release. According to the....
Authorities in Kazakhstan have gone after illegal crypto mining operations amid ongoing issues with electricity supply. Working together with law enforcement, the country’s energy ministry announced the closure of over a dozen facilities minting digital currencies.
Government Shuts Down Unauthorized Crypto Mining Operations Across Kazakhstan
Local departments of the Committee for Atomic and Energy Supervision of Kazakhstan’s Ministry of Energy have carried out a number of inspections to identify illegal coin mining operations in the country, the department said.....
Iran’s Ministry of Industry, Mine and Trade questioned Tavanir’s claims that illegal mining activities consume 2,000 megawatts of power. Iran’s Ministry of Industry, Mine and Trade reportedly dismissed claims by leading power company Tavanir that blamed illegal cryptocurrency miners for the ongoing power shortages in the country.According to a report by the Financial Tribune, Alireza Hadi, the ministry’s director of investment and planning, said that the figures announced by Tavanir “seem to be highly exaggerated.” Hadi questioned Tavanir’s claims that illegal mining activities consume....
Iran’s Ministry of Industries, Mining and Trade has rejected claims blaming illegal cryptocurrency miners for the continuing electricity shortages in the country. The department believes the state-run utility company, Tavanir, has overestimated their role in the power deficit. Illegal Miners Burn Less Energy Than Tavanir Estimates, Ministry of Industries Says An official from the Iranian Ministry of Industries, Mining and Trade has denied claims by the Iran Power Generation, Distribution and Transmission Company (Tavanir) that illegal crypto miners are largely responsible for the....
The Kazakh budget has not received the expected amount of fees from crypto mining as the government has shut down lots of miners to “ensure energy security,” the government said. The government of Kazakhstan, one of the world’s largest countries by the Bitcoin (BTC) mining hash rate distribution, has reported budget earnings derived from cryptocurrency mining.On May 30, Kazakhstan’s state revenue committee of the Ministry of Finance released a report on the amount of total energy fees paid by local crypto miners in the first quarter of 2022.According to the report, Kazakhstan’s budget....