Kazakhstan Closes 106 Cryptocurrency Mining Farms

Kazakhstan closes 106 cryptocurrency mining farms in the latest crackdown against such organizations which operated without the necessary licenses so let’s read more in today’s latest cryptocurrency news.

The authorities halted 51 of the farms while 55 ceased their operations voluntarily. Kazakhstan closes 106 mining farms after declaring war on the illegal digital asset mining farms.
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Minister Bagdat Musin claimed that they can impact the nation’s energy network:

“Gray miners are doing a lot of harm to our power grid. The energy costs of illegal mining are estimated to exceed 1 gigawatt.”

According to a recent announcement, the authorities forced 106 mining farms to halt operations and 55 of them shut down voluntarily.  The rest were suspected of tax evasion and operating on special economic zones without the needed regulatory approval and were terminated by law enforcement. The investigation revealed that some popular political and business figures were behind the illegal companies including Bolat Nazarbayev who was the brother of former President Nursultan Nazarbayev, Kairaat Itegmenov, and Alexander Klebanov who was the Chairman of Central Asian Electric Power Corp.

The authorities confiscated over 65,000 pieces of mining equipment from the farms worth more than $190 million and opened 25 criminal cases against people that are related to the companies. It is also worth noting that crypto mining is a very important niche for Kazakhstan. The state accounts for 18% of the global hash rate and the US is the only nation ahead with 35.4%. The government identified and stopped all activities of 13 crypto mining farms with the entities being located all over the country in regions like Pavlodar, Turkestan, Karaganda, and Kostanai. The farms were employed collectively on an electricity capacity of over 200 megawatts. Back then, the officials vowed to keep the discovering and disconnecting illicit organizations which harm the energy network and don’t abide by the rules.

The president however stated that the government will not disturb “white” miners that receive the necessary approval to continue with their operations:

“The government is not opposed to “white” miners, but people who want to operate in this sector must have a license, get their electricity at the appropriate tariffs, declare their income and pay taxes, and get involved in green projects.”