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Kazakhstani Authorities Seize 360 Illegitimate Bitcoin ASICs As Part Of A Campaign For A Greater Mining Fee

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  • This comes after Kazakhstan’s First Vice Minister of Finance, Marat Sultangaziyev, proposed a 335 percent rise in the electricity tariff. If approved, crypto miners in the country will no longer pay a fixed cost of $0.0023 per kWh, but will instead pay $0.01 per kWh for electricity.
  • Kazakhstani officials have seized 360 specialised Bitcoin ASICs as part of the country’s continuous effort to root out grey crypto miners. Officials have identified persons involved in mining activities in violation of the rules of the Republic of Kazakhstan, according to a statement released today by the Financial Monitoring Agency. During the search, 360 ASIC miners were discovered and confiscated, which produce the digital cryptocurrency Bitcoin.
  • As a result, Kazakhstan was regarded as one of the most promising new mining destinations for Chinese miners due to its reliable and inexpensive electricity supply. However, at this rate, the country’s appeal to miners may dwindle, especially if local governments continue to put increasing pressure on the industry.

Kazakhstan’s decisive action against grey mining continues.

A 335% Rise In The Electricity Tariff.

Kazakhstani officials have seized 360 specialised Bitcoin ASICs as part of the country’s continuous effort to root out grey crypto miners. Officials have identified persons involved in mining activities in violation of the rules of the Republic of Kazakhstan, according to a statement released today by the Financial Monitoring Agency. During the search, 360 ASIC miners were discovered and confiscated, which produce the digital cryptocurrency ‘Bitcoin.’ Three containers were installed with’mining farms,’ the organisation reported, adding that an inquiry is ongoing.

This comes after Kazakhstan’s First Vice Minister of Finance, Marat Sultangaziyev, proposed a 335 percent rise in the electricity tariff. If approved, crypto miners in the country will no longer pay a fixed cost of $0.0023 per kWh, but will instead pay $0.01 per kWh for electricity. According to Sultangaziyev, the proposal also contained a tax on mining equipment, which should be charged in the same way as casinos. His latest plan, paired with Prime Minister Alikhan Smailov’s previous directive to take immediate action against grey mining, might eventually push miners out of Kazakhstan, just as the country appears to be building a reputation as a mining Mecca.

ALSO READ: The Riots In Kazakhstan Didn’t Affect Crypto Miners, Internet Outages Did

Increasing Pressure On The Industry

Last year, China, which had the highest proportion of total Bitcoin hash rate in the world, effectively prohibited the whole mining industry, forcing businesses to shut down or migrate. As a result, Kazakhstan was regarded as one of the most promising new mining destinations for Chinese miners due to its reliable and inexpensive electricity supply. However, at this rate, the country’s appeal to miners may dwindle, especially if local governments continue to put increasing pressure on the industry.

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