Connect with us

28 Bitcoin Mining Firms Faced Power Supply Suspension in Kyrgyzstan

 

 

Crypto News

28 Bitcoin Mining Firms Faced Power Supply Suspension in Kyrgyzstan

Water being the lifeblood of an array of crucial activities, both personal and industrial, has been a raging concern in modern times as it faces crisis globally. Misuse of water and drastic seasonal imbalances affecting available water resources have raised a serious question on humankind.

Recently, 28 Bitcoin mining companies based in Kyrgyzstan had to face a shutdown when they were disconnected from the power supply network.

Earlier in July, the State Committee for Industry, Energy and Subsoil Use reported that nearly 28 industries engaged in crypto mining were deprived of the power supply in Kyrgyzstan to save water in the Toktogul reservoir of the region. This suspension helped to hold back sufficient water for the winter season.

The Chairman of the National Energy Holding revealed that Toktogul reservoir had a volume of 16.4 billion cubic meters on July 30, 2019. This water volume stood at a drastic fall of 2.2 billion cubic meters in comparison to 2018. By Oct 1, 2019, the regulatory authorities of the region have planned to collect and store 17 billion cubic meters of water.

Despite the fact that the government does not play a role in managing or controlling the mining activities and distribution of cryptocurrencies, the authorities address such activities as illicit. According to them, cryptocurrency mining requires a lot of water which otherwise can be used for other positive lucrative projects.

Apparently, the mining centers have requested the authorities for 20 megawatts of power supply for carrying out its operations, but the authorities are of the view that they can utilize the ascertained power supply for the flourishing working economic sector so that there is an increase of jobs and taxes.

In the month of July, Kyrgyz financial police liquidated a crypto mining farm in Bishkek as it was using an excessive amount of energy and was also found guilty of dealing in a currency which was outside the control of the authorities.

Source link

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

More in Crypto News

Trending Posts

Like Our Facebook Page

Disclaimer

FirstPost.ng do not claim ownership of any of the contents that we upload and any copyright infringement complaints will be executed immediately!

It is our policy to honor all take-down requests!

If You Feel Your Rights Are Being Infringed Upon, Send mail us: admin@firstpost.ng

To Top
Social Media Auto Publish Powered By : XYZScripts.com