According to a government minister, Malaysia lost $727 million worth of electricity stolen by illegal crypto miners between 2018 and 2023. The minister also warned that power companies have methods to detect unauthorized mining activity. Illegal Crypto Mining Detrimental To Malaysians Says Minister Between 2018 and 2023, the theft of electricity by illegal cryptocurrency miners…
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Source: AdobeStock / Photocreo Bednarek A number of crypto advocates have emphasized the significance of Bitcoin (BTC) mining as a “critical tool” for clean energy usage and grid balancing. In a recently published working paper titled “Leveraging Bitcoin Miners as Flexible Load Resources for Power System Stability and Efficiency,” Bitcoin advocates and former ERCOT (Electric…
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Mining hardware manufacturer Bitmain has temporarily suspended salary payments to its employees, a media report has revealed. News of the move comes along with information suggesting that the crypto giant is experiencing financial difficulties with poor results from its operations. Antminer Maker Bitmain Reportedly Delays Salaries and Bonuses Bitmain, a major producer of bitcoin mining…
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Licensed crypto mining companies have urged the government in Kazakhstan to revise its taxation policy regarding the sector, which they say is in dire straits. The largest mining firms plan to leave the Central Asian nation by the end of this year, warned the members of the industry. Miners Criticize Kazakhstan Government’s ‘Unbalanced’ Tax Rules…
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Despite significant variations in electricity rates and regulations, the Asian region as a whole has the lowest average cost of bitcoin mining for solo miners, new research shows. At the same time, the surge of energy prices due to Covid, heatwaves, and the war in Ukraine render bitcoin mining largely unprofitable throughout Europe. Mining 1…
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Cryptocurrency miners in Russia have extracted digital currencies for around $700 million last year, according to a state-run fintech entity. However, the growing industry remains unregulated with the government having postponed the adoption of the respective legislation once again. Russian Crypto Miners Produce Coins for up to 60 Billion Rubles in 2022 Miners operating in…
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Authorities in Iran have closed down more than 8,000 underground facilities for cryptocurrency mining in the past three years, local media reported. Despite the government’s crackdown, illegal crypto mining continues to account for a serious amount of energy consumption, official figures suggest. Illegal Crypto Miners in Iran Steal 1.8 Billion kWh of Electricity, Official Says…
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Increasing regulatory pressures, tax burden and energy costs in countries like the U.S. and Kazakhstan are likely to result in a new great migration of crypto miners, Russian analysts believe. Under such a scenario, Russia has what it takes to occupy up to 18% of the global bitcoin hashrate, they claim. Russia May Attract Half…
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The government of Kazakhstan has collected over $7 million in taxes this and last year from enterprises mining cryptocurrency in the country. The news comes amid growing regulatory pressure that is limiting the industry’s access to low-cost energy while increasing its tax burden. Miners Face Higher Expenses, More Challenges Under New Legislation Kazakhstan’s coffers have…
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Kosovo police have seized dozens of crypto mining devices from residents of a majority Serb region in the north of the country. Authorities in Pristina and Belgrade exchanged accusations over the move, which has the potential to raise tensions in the ethnically divided, partially recognized Balkan state. Kosovo Government Cracks Down on Crypto Mining in…
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