Crypto Miners Drained Enough Power to Light up a City — Kazakhstan Cracks Down

Main Idea
Kazakhstan authorities uncovered an illegal electricity scheme involving crypto miners, leading to significant financial losses and a crackdown on digital mining activities.
Key Points
1. Authorities discovered an illegal sale of electricity worth approximately $16.5 million (9 billion tenge) linked to crypto mining.
2. The misappropriated electricity exceeded 50 megawatt-hours, enough to power a city of 50,000 people.
3. Criminal proceeds from the scheme were used to purchase two apartments and four cars, which have been frozen by court order.
4. Kazakhstan's once-friendly environment for crypto miners has deteriorated, prompting an exodus of miners, including BTC miner Canaan.
Description
Authorities in Kazakhstan have uncovered a scheme involving electricity companies illegally supplying power to cryptocurrency miners. Violations of Digital Mining Laws Authorities in Kazakhstan recently busted electricity companies accused of illegally supplying power to cryptocurrency miners. According to a statement, the Department of Financial Monitoring (DFM) for the East Kazakhstan region, along with the National
Latest News
- $640 Million Flows Into Ether ETFs as Bitcoin ETFs Notch 7th Day of Gains2025-08-15 14:32:56
- Bitcoin Price Watch: BTC Consolidates Around $118.5K to $119K After Sharp Sell-Off2025-08-15 13:07:22
- Tron DAO, Justin Sun Accuse Bloomberg of False Asset Reporting2025-08-15 12:36:42
- Bullish’s Dazzling Debut Bolsters Red-Hot Year for Crypto-Linked IPOs2025-08-15 11:32:51
- BTCC Teams Up With NBA All-Star Jaren Jackson Jr. in First-Ever Sports Sponsorship2025-08-15 11:04:26