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Kazakhstan Slashes Crypto Mining Operations

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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.

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