Cryptocurrency Prices today, Charts And Market Capitalizations |Ty gia Coin logo Cryptocurrency Prices today, Charts And Market Capitalizations |Ty gia Coin logo
Cryptoknowmics 2022-03-15 12:19:29

Kazakhstan Slashes Crypto Mining Operations

In the year 2021, China decided to ban crypto activity, thereby, causing crypto miners to shift to their neighboring country of Kazakhstan. Presently, Kazakhstan has been on its toes and has been successful in the crackdown of over 100 illegal crypto mines. Early morning today, the Kazakhstan government shared the announcement of the closing down of illegal crypto mines. Investigations Reveal Shocking News Following the investigative report, it has been accounted that about 55 mines were closed voluntarily. However, approximately 51 mines were forced to shut down and were suspected of tax and customs evasion. A total of 25 cases have been opened against these miners and more than 60,000 machines worth $193 Million. In addition to shutting down mines, many notable political figures were also charged due to their involvement in crypto mining. This includes former President’s brother Bolat Nazarbayev; the Chairman of Central Asian Electric Power Corp, Alexander Klebanov; and one of the richest men of Kazakhstan, Kairat Itegmenov. Shortage of Energy Furthermore, Central Asia has been facing a scarcity of electricity since last August. The added reason could be the invasion of Chinese crypto miners and infrastructure failures.The post Kazakhstan Slashes Crypto Mining Operations appeared first on Cryptoknowmics-Crypto News and Media Platform.

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.