Ministry of Energy of Kazastan will not restrict registered miners

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The Ministry of Energy of Kazakhstan will not restrict the activities of “white” mining farms, but will take measures against miners working illegally in the country.

According to the mailing list of the press service of the Ministry of Energy of the Republic of Kazakhstan, the department held a meeting on the energy supply of persons involved in the extraction of cryptocurrencies. The discussion was attended by the Kazakhstan Association of Blockchain Technologies (KABT), the Association of Blockchain and Data Center and Technology Industry, the Ministry of Digital Development, Innovation and Aerospace Industry of Kazakhstan, as well as the management of Kazakhstan Electricity Grid Operating Company JSC (KEGOC).

Energy Minister of Kazakhstan Magzum Mirzagaliyev said that mining farms operating in accordance with the country’s legislation are considered business entities. Legal mining farms generate about 70% of the hash rate and bring in about $ 230 million a year to the state budget. Therefore, there should be no discrimination against them, explained Marzagaliyev. Registered miners will not be subject to government restrictions or disconnected from power grids. At the same time, the activities of miners should not violate the energy security of the country.

In turn, the leaders of the associations plan to consider the possibility of purchasing not only domestic, but also imported electricity. They also expressed their readiness to invest in the development of renewable energy sources (RES).

“The blockchain and cryptocurrency industry has great potential. Therefore, I suggest that the “white miners” enter into an “open dialogue” in order to unite efforts to develop the industry and ensure the reliability of the country’s electric power system, ”Mirzagaliyev said.

The Ministry of Energy of Kazakhstan proposed to amend the legislation, establishing requirements for persons engaged in mining. Thus, measures will be taken against the “gray” miners who disguise themselves as other activities, while consuming electricity to mine cryptocurrencies. To continue mining without fear, they will have to register their business.

“We need to fight illegal miners. If government agencies join forces with industry associations, visible results can be achieved, ”said Alan Dordzhiev, Chairman of the Blockchain and Data Center and Technology Industry Association.

The meeting participants signed a joint protocol, according to which restrictions will not be imposed on Kazakhstani miners in the event of a shortage of electricity. The protocol also implies accelerating the development of a legal framework for mining cryptocurrencies and attracting investments for the development of renewable energy sources with a guarantee of electricity purchases from registered miners.

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