Former gov't official blames crypto mining for energy crisis in Kyrgyzstan
As the Kyrgyz government discusses raising electricity tariffs again, a former official says that crypto mining is a significant driver of the ongoing energy crisis. Amid growing concerns over the energy sector in Kyrgyzstan, a former government official has argued that cryptocurrency mining is a major factor driving the energy crisis.Daniyar Akmatov, former director of the state investment protection organization, the Investment Promotion and Protection Agency, addressed the challenges in Kyrgyzstan’s energy sector at a roundtable in Bishkek, local news agency Tazabek reports....
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The government of Kyrgyzstan has recently revised its electricity tariffs for various groups of consumers. Authorities in Bishkek have raised the rates at which crypto mining businesses buy power citing the energy-intensive nature of the coin minting process. Crypto Miners in Kyrgyzstan to Pay More for Electricity Companies operating crypto mining facilities in Kyrgyzstan will have to pay a higher price for the electrical energy they need to mint digital currencies. The increase follows a government decision to update electricity rates across the board in order to “ensure the....
The Cabinet of Ministers of Kyrgyzstan has recently revised its electricity tariffs for different groups of consumers. The authorities have raised the rates at which crypto mining businesses buy power. They cited the energy-intensive nature of the crypto mining process. Related Reading | More Miners Come Back Online Post 2021 Hashrate Crash Crypto miners in Kyrgyzstan […]
The new regulatory framework aims to bring the legal status to cryptocurrency exchanges in Kyrgyzstan. The government of the Kyrgyz Republic is moving forward to cryptocurrency adoption by introducing a national regulatory framework for crypto trading platforms.Kyrgyzstan’s State Service for Regulation and Supervision of Financial Markets (Gosfinnadzor), a regulatory agency operating under the Ministry of Economy and Finance, has developed a draft provision for regulating crypto exchanges, local news agency 24.kg reported Wednesday.The newly proposed regulations reportedly aim to establish....
Law enforcement authorities in Kyrgyzstan have confiscated thousands of crypto mining machines as part of a new offensive against illegal cryptocurrency mining in the country. Investigators have also identified industrial enterprises that have been supplying the bitcoin farms with electricity. Security Service Conducts Operation Against Illegal Mining in Kyrgyzstan The State Committee for National Security (GKNB), Kyrgyzstan’s organized crime-fighting agency, has recently found and raided a number of facilities mining cryptocurrency outside the law. The special operation has been....
Authorities in Kyrgyzstan have uncovered and shut down a large crypto mining farm in the north of the country. Law enforcement officials claim the illegal coin minting facility has inflicted “colossal damage” to the nation’s power grid and that they are still trying to estimate the losses. Underground Crypto Farm Busted in Kyrgyzstan The region of Central Asia, including the Republic of Kyrgyzstan, has become a hotspot for cryptocurrency mining lately. Companies involved in the extraction of digital coins have been attracted by its low energy rates amid an ongoing....