Kazakhstan’s President Signs Crypto Mining Energy Limits
Kazakhstan’s President Signs Crypto Mining Energy Limits :- According to a statement on the president’s website, Kazakhstan’s Kassym-Jomart Tokayev has signed legislation into law that would regulate the amount of electricity consumed by local cryptocurrency miners.
The Central Asian nation has been having trouble keeping up with the demand for power as a result of a recent influx of bitcoin miners, including unauthorized operators, who have put pressure on the grid infrastructure. The government is strengthening laws for miners even if it still aspires to expand its wider ecology.
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The new regulation essentially caps the amount of energy used by the mining industry by allowing miners to use the national grid only when there is a surplus. Licensed operators will get the surplus and have the option to bid on the electricity. This cap will not apply to miners that use renewable energy sources, imported power, or their own energy producing capacity that is not connected to the grid.
The law requires miners to get government licenses and makes a few modest changes to the industry’s taxation structure.
A list of mining pools that businesses may use will also be approved by the government, and miners will be required to sell the cryptocurrency they have produced to exchanges that are registered with the Astana International Finance Center, the nation’s special economic zone. By 2024 and 2025, miners will have to sell half of their cryptocurrency to these exchanges, respectively.
In response to the FTX debacle, Kazakhstan is likewise attempting to regulate digital asset exchanges.
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