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kazakhstan

Kazakhstan: Government Raids End $16 Million Crypto Mining Power Theft

Ash Tiwari
by Ash Tiwari
2 weeks ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Kazakhstan’s Financial Monitoring Agency (AFM) and National Security Committee (KNB) have uncovered an illegal crypto mining scheme that siphoned more than $16 million worth of electricity to mining farms.

Kazakhstan Agencies Clamp Down On Illegal Crypto Mining 

According to a statement released today, Kazakh financial and law enforcement authorities dismantled a large-scale operation in East Kazakhstan Oblast that illegally sold electricity to mining companies. The AFM and KNB said the stolen power could have supplied the needs of a small city in the region.

Related Reading: Binance’s BNB Chain To Be Integrated Into CBDC Of Kazakhstan

Notably, employees of local utility providers had been illegally selling electricity to mining companies over the past two years. This energy was originally intended for the local population, social facilities, and enterprises of strategic importance.

The crypto miners used over 50 megawatt-hours to mint digital coins during the period. The AFM noted that this level of energy consumption was comparable to that of a city with 50 to 70,000 residents.

The miners consumed more than 50 megawatt-hours (MWh) of power during this period. The AFM said that this was comparable to the energy usage of a city with 50,000 to 70,000 inhabitants.

Under Kazakhstan’s current laws, mining farms can purchase electricity only from a state-run platform operated by the Ministry of Energy. They are also limited to buying no more than one MWh at a time.

Authorities estimate that over nine billion Kazakhstani tenge (approximately $16.5 million) worth of power was illegally supplied to the mining operations. The AFM revealed:

The organizers used the criminal proceeds to purchase two apartments in the capital and four vehicles, which were seized with a court order for potential confiscation.

Following China’s blanket ban on all crypto-related activities – including Bitcoin (BTC) mining – Kazakhstan emerged as a major hub for mining. While initially welcoming the industry, the country later faced rolling blackouts and grid breakdowns, prompting the government to impose tighter regulations on the sector.

kazakhstan
Source: worldpopulationreview.com

Crypto Mining In The Region

Kazakhstan’s crackdown on crypto mining firms illegally using power is not an isolated case. Across the region, illegal mining operations have drawn increasing scrutiny from multiple governments.

Related Reading: Crypto Reserve In The Works, Says Kazakhstan’s Central Bank Chief

For instance, Russia recently warned that it will crack down hard on anyone mining digital assets without the necessary permissions. The country also recently introduced a national registry for cryptocurrency mining hardware.

Elsewhere, France’s far-right Rassemblement National party recently announced plans to repurpose unused nuclear power for BTC mining, signaling a different approach to the energy demands of the industry. At press time, BTC trades at $120,260, up 1.3% in the past 24 hours.

bitcoin
Bitcoin trades at $120,260 on the daily chart | Source: BTCUSDT on TradingView.com
Featured image from Unsplash.com, charts from worldpopulationreview.com and TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ash Tiwari

Ash Tiwari

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Ash is a seasoned freelance editor and writer with extensive experience in the blockchain and cryptocurrency industry. Over the course of his career, he has contributed to major publications, playing a key role in shaping informative, timely content related to decentralized finance (DeFi), cryptocurrency trends, and blockchain innovation. His ability to break down complex topics has allowed both seasoned professionals and newcomers to the industry to benefit from his work. Beyond these specific roles, Ash's writing expertise spans a wide array of content, including news updates, long-form analysis, and thought leadership pieces. He has helped multiple platforms maintain high editorial standards, ensuring that articles not only inform but also engage readers through clarity and in-depth research. His work reflects a deep understanding of the rapidly evolving blockchain ecosystem, making him a valuable contributor in a field where staying current is essential. In addition to his writing work, Ash has developed a strong skill set in managing content teams. He has led diverse groups of writers and researchers, overseeing the editorial process from topic selection, approval, editing, to final publication. His leadership ensured that content production was timely, accurate, and aligned with the strategic goals of the platforms he worked with. This has not only strengthened his expertise in content strategy but also honed his project management and team coordination skills. Ash's ability to combine technical expertise with editorial oversight is further bolstered by his knowledge of blockchain analysis tools such as Etherscan, Dune Analytics, and Santiment. These tools have provided him with the data necessary to create well-researched, insightful articles that offer deeper market perspectives. Whether it’s tracking the movement of digital assets or analyzing blockchain transactions, his analytical approach adds value to the content he produces, ensuring readers receive accurate and actionable information. In the realm of content creation, Ash is not limited to just cryptocurrency markets. He has demonstrated versatility in covering other emerging technologies, market trends, and digital transformation across various industries. His in-depth research, coupled with a sharp editorial eye, has made him a sought-after professional in the freelance writing community. From developing editorial calendars to managing content delivery schedules, he has honed a meticulous approach to project management that ensures timely, high-quality work delivery. Throughout his freelance career, Ash has consistently focused on improving audience engagement through well-researched, insightful, and relevant content. His ability to adapt to the evolving needs of clients, whether it's enhancing the visibility of digital platforms or producing thought-provoking pieces for a wide range of audiences, sets him apart as a dynamic force in the field of digital content creation. His contributions have helped to shape a well-rounded portfolio that showcases his versatility, technical expertise, and dedication to elevating the standards of journalism in blockchain and related sectors.

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