Kazakhstan Has Issued an Order for Bitcoin Miners to Submit Status Reports

Kazakhstan has issued a new ministerial order requiring cryptocurrency miners to submit regular status reports as part of its efforts to acquire a greater grip on the sector. According to the directive dated April 29, crypto miners must report information such as the location of mining facilities, IP addresses, power consumption volume, number of mining rigs, personnel size, and projected investments. New miners must report 30 days before beginning operations, while current miners must send quarterly status updates to authorities. https://twitter.com/BMDaily1/status/1522048697734938624 Crypto miners that shut down must also notify authorities. Following China's mining crackdowns, miners flocked to Kazakhstan, which became the world's second-largest Bitcoin producer in 2021. However, Kazakhstan's mining environment has become increasingly unstable due to an unpredictable power supply. Bolat Nazarbayev, the brother of former Kazakhstan president Nursultan Nazarbayev, was one of 106 illegal cryptocurrency miners whose operations were halted in March after the government raided unlawful mining operations, according to the Financial Monitoring Agency. Kazakhstan has been experiencing electricity shortages due to the inflow of cryptocurrency miners to the energy-rich Central Asian country. To lessen the stress on the country's electricity infrastructure, authorities have been attempting to identify mining enterprises that do not have the necessary licensing. They announced the closure of 106 mines in March, seizing 67,000 machineries worth $193 million in the process.