Kyrgyzstan shuts down a cryptocurrency farm with 2,500 mining machines – Mining Bitcoin News


Authorities in Kyrgyzstan discovered and shut down a large encryption mine in the north of the country. Law enforcement officials claim that illegal coinage facilities have caused “great damage” to the national grid, and they are still trying to estimate the damage.

An underground crypto farm in Kyrgyzstan was destroyed

Central Asia, including the Kyrgyz Republic, has recently become a hot spot for cryptocurrency mining. Companies involved in withdrawing digital coins are attracted by its low energy consumption. Suppress About China’s industry.

The influx of miners has been blamed on power shortages, and some countries have been working hard to alleviate the growing power shortages. In early October, it was reported that Kyrgyzstan The government has improve The electricity bills of crypto mining companies and other consumers are due to the energy-intensive nature of their operations.Legislators in neighbouring Kazakhstan have suggested Similar measures.

The Bishkek authorities have also been hunting down underground cryptocurrency miners. In May, law enforcement officers Seized 2,000 mining equipment from multiple facilities illegally minted digital currencies in multiple locations in the capital and Chuy region.

In a recent similar operation, the National Security Council (GKNB) destroyed a large illegal mining farm in the town of Druzhba in the Issyk-Ata region. According to media reports, its officials confiscated another 2,500 mining machines.

According to a press release issued by the department and quoted by Kyrgyzstan’s satellite, the data center-operating in a greenhouse-is operated by foreigners. GKNB further pointed out that their illegal activities “caused huge damage to Kyrgyzstan’s power grid.”

Investigators are now working to assess the country’s losses and determine whether mining hardware has been legally imported into the country. The committee added that it is also trying to identify all individuals involved in the work.

Kyrgyzstan has been taking measures to regulate its growing crypto mining industry. In August 2020, the Ministry of Economic Affairs proposed bill Taxation of mining activities. The legislation proposes to impose a 15% tax on the electricity cost of minting digital currency. The law also requires mining companies to register with regulatory agencies to obtain a license to operate in the country.

Do you hope Kyrgyzstan will continue to crack down on illegal crypto mining operations? Share your thoughts on this topic in the comments section below.

Tags in this story

authorities, bill, Central Asia, encryption, Crypto farm, Crypto miner, Crypto mining, Encryption regulations, Cryptocurrency, Cryptocurrency, Cryptocurrency farm, Cryptocurrency miners, Cryptocurrency mining, Digital currency, Digital currency, Draft bill, Electricity bill, Electricity bill, government, Unlawful, Illegal farm, Kyrgyzstan, Mine, Regulation

Image Source: Shutterstock, Pixabay, Wikimedia Commons

Disclaimer: This article is for reference only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any product, service or company. Bitcoin Network Does not provide investment, tax, legal or accounting advice. The company or the author is not directly or indirectly responsible for any damage or loss caused or claimed to be caused by using or relying on any content, goods or services mentioned in this article.





Source link