Tuesday, October 4, 2022
HomeLaw & PoliticsKazakhstan shuts down 106 cryptocurrency mining farms

Kazakhstan shuts down 106 cryptocurrency mining farms

The Kazakhstan government has blacklisted 106 crypto mining farms for engaging in illegal crypto mining operations. The government found that certain ex-officials and Kazakhstan’s wealthiest businessmen were involved in it. According to the government’s statement, 67,000 pieces of equipment worth approximately 100 billion tenges (approximately USD 193 million) were also seized. 

Cryptocurrency usage, as well as criminal cryptocurrency operations, is on the increase. In an effort to stop illegal crypto mining, the Kazakh government has shut down 55 mining farms, while 51 others have been forced to stop.

According to the government statement, these mining companies were associated with well-known entrepreneurs and political figures. Bolat Nazarbayev, Alexander Klebanov in the Pavlodar region, and former Minister of Internal Affairs Department head Tlegen Matkenov are among those on the list. 

Since last year, the nation has been suffering from an energy crisis. According to the statement, the country’s daily power usage has fallen by 600 megawatts per hour.

Kazakhstan contributes 18 percent of the Bitcoin network’s hash rate. Meanwhile, the country wants more control over how digital assets are mined and traded because they could be used to fund terrorism and other illegal activities.

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Jeewan Singh
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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