Kyrgyzstan Seizes 2,000 Cryptocurrency Mining Devices
Law enforcement authorities in Kyrgyzstan have seized thousands of crypto mining machines as part of a new offensive against illegal cryptocurrency mining in the country. Investigators have also identified industrial companies that supplied power to bitcoin farms.
The GKNB found and raided a number of facilities, mining cryptocurrency outside the law
The State Committee for National Security (GKNB), Kyrgyzstan's organized crime-fighting agency, recently found and raided a number of facilities mining cryptocurrency outside the law. This particular operation was conducted in the capital Bishkek and Chuy Oblast, the country's northernmost region.During the offensive against illegal mining activities, law enforcement agents have seized around 2,000 cryptocurrency mining units, GKNB announced. Investigation procedures are underway, the agency's press service added.
A bill regulating the taxation of bitcoin mining
The reason of the operation is that the process of cryptocurrency mining inflicts “colossal damage” on the country’s electricity network. GKNB has also uncovered several large industrial enterprises supplying electrical power to illegal crypto farms.In August 2020, the Ministry of Economics put forward a bill regulating the taxation of bitcoin mining in Kyrgyzstan. According to the proposal, a 15 percent tax will be imposed on the cost of electricity consumed to mine digital coins. The legislation requires mining companies to apply for registration, which is necessary to operate legally in the country.
Kyrgyzstan is not the only country fighting against crypto mining
In Iran, crypto mining has also been banned for four months as widespread power outages stir public discontent across the country. Provinces across the country, particularly the capital Tehran, have struggled with sporadic power outages that have frustrated many citizens. Social media has been full of images showing shops and homes being hit by unannounced power outages, which can occur several times a day.Legal crypto-mining operations in Iran consume about 300MW of electricity, which is very insignificant. But illegal operations consume up to 2,000MW. Thousands of illegal mining rigs have been seized in recent years.
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