Kyrgyzstan Restricts Power Supply to the Crypto Mining Firms for Unlimited Usage

Midhat Ali Shaikh by Midhat Ali Shaikh - 10:36 AM Sep 23, 2019
kyrgyzstan-restricts-power-supply-to-the-crypto-mining-firms

Kyrgyzstan Restricts Power Supply to the Crypto Mining Firms for Unlimited Usage 
Kyrgyzstan Authorities restricted mining firms due to the usage of more energy than that of three local regions conjointly did.


After restricting the power supply, Regional news agency, AKIpress released a report on Sept 20. Per the report, the chief of National Energy Holding, Aitmamat Nazarov said that no elaboration Kyrgyzstan law has defined for crypto mining.

136 Megawatts Power Energy Consumption


Also, Nazarov explained that regional crypto miners' power consumption does not come under Kyrgyzstan's electricity distribution plan. The executive clearly stated that 45 crypto miners used up 136 megawatts electricity. And this consumption is more than the three local regions consumed include Issyk-Kul, Talas and Naryn.


Convenient Prices for Power Energy


Moreover, as per the report, Kyrgyzstan is now famous for its cheap power supply to crypto mining firms worldwide. Also, lately, in August 2019, Economy Minister of Kyrgyzstan proposed a draft bill to impose taxation on mining. This bill aims to increase budget income.


A few years back, the National Bank of the Kyrgyz Republic had banned the cryptocurrencies in Kyrgyzstan in July 2014. All the cryptocurrencies inclusive of Bitcoin which were being used as payment method had become illegal as per the National law.


While, as reported on Sept 19, Iran, which was restricting the supply to the local miners, suggested to register crypto miners on a yearly basis in order to regulate the industry.

About The Author
Midhat Ali Shaikh

Midhat Ali ShaikhMidhat ali shaikh is a freelance content writer and is involved with renowned organization named knovatek pvt. ltd. also serving for vmatchu and nghostings

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