Kyrgyzstan seizes thousands of crypto mining machines.

Law enforcement authorities in Kyrgyzstan have confiscated thousands of crypto mining machines as part of a new offensive against illegal crypto mining.

The State Committee for National Security (GKNB), Kyrgyzstan’s organized crime-fighting agency, raided several facilities mining cryptocurrency outside the law. The special operation was conducted in the capital Bishkek and Chuy Oblast, the country’s northernmost region. During the raid against illegal mining activities, law enforcement agents have seized around 2,000 cryptocurrency mining units, GKNB announced, quoted by Sputnik Kyrgyzstan. Pretrial proceedings are underway, the agency’s press service added.

 

Law enforcement agency raid illegal crypto mining farms. 

The process of cryptocurrency mining inflicts “colossal damage” on the country’s electricity network, the state committee revealed. GKNB has also uncovered several large industrial enterprises supplying electrical power to illegal crypto farms. Most of the raided addresses are in the capital city of the Central Asian republic, Bishkek. Some of the mining devices have been seized from industrial facilities located in the Bishkek Free Economic Zone. The police are currently working to establish all individuals that have been involved in the corruption scheme. Earlier, the Ministry of Economics put forward a bill regulating the taxation of bitcoin mining in Kyrgyzstan

 

Iran bans crypto mining for four months. 

According to the proposal, a 15% tax will be imposed on the cost of the electricity consumed to mint digital coins. The legislation obliges mining companies to apply for a registration that is needed to operate legally in the country. In January of this year, the National Bank of the Kyrgyz Republic announced it’s preparing two draft laws to regulate local cryptocurrency exchanges.

Iran has banned the energy-intensive mining of cryptocurrencies such as Bitcoin for nearly four months, President Hassan Rouhani said on Wednesday, as the country faces major power blackouts in many cities. “The ban on the mining of cryptocurrencies is effective immediately until September 22 … Some 85% of the current mining in Iran is unlicensed,” the President said in a televised speech at a cabinet meeting.

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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