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The Financial Monitoring Agency of the Republic of Kazakhstan reported earlier on Tuesday that 55 illegal mining farms “voluntarily stopped their operation” due to an enforcement campaign by the regulator, and another 51 entities’ operations “were terminated.” As the press release from the financial oversight agency states, "In light of these developments, the interdepartmental working group is working to make systematic decisions to regulate problematic issues." The Agency called for the development of a clear regulatory approach for cryptography mining in its release.
According to the release, not only have all the targeted operators frozen the mining process.
They have also dismantled platforms and removed them from "deployment locations." The release mentioned a number of high-profile business persons who were allegedly linked to the illegal activity.
A former president of the state gas company qazaqgaz, a former head of the drug department of the national police and the 17th richest person in the country. These transactions were deemed illegal because they had not informed regulators of their activities, had illegally joined the grid, or had evaded tax and customs payments.
A portion of the energy consumed by illegal operators should have been devoted to industrial production. The agency seized over 67,000 pieces of equipment worth some $190 million and opened 25 criminal records.
Related: Kazakh ministry halts illegal crypto mining operations
The agency seized more than 67,000 pieces of equipment worth $190 million and opened 25 criminal cases. In August 2021, the country housed more than 18% of the global BTC hash rate, but in February 2022 the national Ministry of Energy announced its strategy to identify and disconnect non-compliant mining farms from the grid.
As of August 2021, the country was home to more than 18 per cent of the global BTC hash rate. There are clear signs that the government is working on a reasonable regulatory approach that would help it benefit from the new opportunities. In August 2021, the country hosted more than 18% of the global BTC hash rate.
