Kazakhstan set new requirements for miners
Detailed data must be provided to the Ministry of Digital Development before cryptocurrency mining can begin
04.05.2022 - 11:40
420
1 min
0
.
What’s new? The Minister of Digital Development of Kazakhstan Bagdat Musin has amended the rules for informing about mining activities. Individuals who plan to mine cryptocurrencies now need to notify the ministry and provide it with details. 30 days before the start of mining, the following must be provided: the contact details of the miner (including bank details), the required capacity to connect the equipment, the details of the devices, the amount of the planned investments, the IP address, information about the place of work and the document confirming the ownership of the equipment.
What else do the amendments prescribe? Miners are required to provide this information quarterly. In case of the termination of activity, it is also necessary to notify the regulatory authority within 10 days.
What happened before? As part of an operation to crack down on illegal mining, Kazakh police closed 106 illegal cryptocurrency mining farms. Following the shutdown of illegal miners, the country’s daily electricity consumption dropped by 600 MWh.
The Minister of National Economy of Kazakhstan, Alibek Kuantyrov, believes that the tax on cryptocurrency mining should be tied to the value of digital assets. According to the politician, the initiative can have a positive impact on the country’s economy.
Useful material?
Technologies
Network fees will be integrated into the cost of swaps
Nov 22, 2024
Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024