Kyrgyzstan Cuts Off Power to 45 Crypto Miners for Overconsumption

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Kyrgyzstan has cut off power to 45 crypto mining firms as they consumed more energy than three local regions combined. Senior energy official Aitmamat Nazarov has warned cryptocurrency mining is not defined under Kyrgyzstan law, local news agency AKIpress reported on Sept. 20. According to Nazarov, 45 crypto miners consumed 136 megawatts of electricity, which is more than the amount consumed by three Kyrgyzstan regions: Issyk-Kul, Talas and Naryn. Kyrgyzstan has become a popular site for global cryptocurrency mining firms due to cheap energy prices. In August, the country’s Ministry of Economy submitted a draft law in order to introduce cryptocurrency mining taxation — a move designed to boost revenues. Cryptocurrencies were banned in Kyrgyzstan in July 2014 after the national bank warned it is illegal to use Bitcoin (BTC) and other cryptocurrencies as a payment method. Iran, which has also been cutting off electricity to local mining farms, has proposed registering crypto miners on an annual basis in a move to regulate the industry.

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Kyrgyzstan Cuts Off Power to 45 Crypto Miners for Overconsumption:

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