Kazakhstan Law Limiting Crypto Miners’ Consumption of Electricity Enters Into Force – Mining Bitcoin News
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Kazakhstan is taking a big step towards regulating the cryptocurrency mining industry. A new law limiting the amount of electricity miners can consume has recently gone into effect.
The law, which was passed back in July, is aimed at preventing miners from taking advantage of the country’s cheap electricity rates. The law caps the amount of electricity miners can consume at 1.5 megawatts per hour, which is enough to power around 2,000 homes.
The law also requires miners to register with the government and pay a fee in order to operate. This fee is meant to cover the cost of the electricity they use, as well as any taxes or fees that may be imposed.
The law is an attempt to curb the growing number of miners in the country. Kazakhstan has become a popular destination for miners due to its low electricity rates. However, the influx of miners has caused electricity prices to rise, leading to concerns about the sustainability of the industry.
The new law is meant to help regulate the industry and ensure that miners are paying their fair share for the electricity they consume. It also allows the government to keep tabs on the industry and make sure miners are following the rules.
The law is seen as a positive step towards regulating the industry, but it remains to be seen how effective it will be. The law does not address the issue of mining pools, which are often used to circumvent the electricity limit. It also does not address the issue of miners who use renewable energy sources, such as solar or wind power.
Nevertheless, the law is a good first step towards regulating the industry and ensuring that miners are paying their fair share for the electricity they consume. It is a sign that the government is taking the industry seriously and is willing to take the necessary steps to ensure its sustainability.
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