Bitcoin

Hydro

<div class="sg-post-des">
 Kyrgyz President Sadyr Japarov promised to distribute money from crypto mining at the hydropower plant to “ordinary people.” 
</div> 
<div class="cointelegraph"> 
 The Kyrgyz Republic, a central Asian state bordering China, is reportedly growing its cryptocurrency mining powers with support of the local government. 
 Kyrgyz President Sadyr Japarov has given a nod to building a crypto mining farm at a hydroelectric power plant, Kyrgyzstan’s national news agency Kabar reported on July 27. 
 The government of Kyrgyzstan plans to spend up to $20 million to build a <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency <a rel="noopener noreferrer nofollow" title="mining" href="https://thebittimes.com/tag/mining.html">mining</a> facility at the Kambar-Ata-2 Hydro Power Plant. 
 According to the president, running a crypto mining farm will allow the government to avoid energy losses associated with non-used power from the power plant, the report said. 
 Since launching Kambar-Ata-2 in 2010, Kyrgyzstan has lost 6.8 billion kilowatt-hours (kWh) of energy due to this issue, Japarov reportedly said. By establishing the <a rel="noopener noreferrer nofollow" title="mining" href="https://thebittimes.com/tag/mining.html">mining</a> farm, the Kyrgyz government will be able to deploy the remaining energy wisely and bring benefits to the country’s budget, the <a rel="noopener noreferrer nofollow" title="president" href="https://thebittimes.com/tag/president.html">president</a> noted, stating: 
 <blockquote>
 “As soon as the mining farm starts working, the earned money will go to the power engineers or, to be more precise, to the ordinary people. Each tyiyn, every kWh will be under the control of power engineers. Everything will be automated and under our control.” 
 </blockquote> 
 The report somewhat contradicts recent energy-related news in Kyrgyzstan. On July 24, the Kyrgyz president announced&nbsp;a state of emergency in the energy sector of&nbsp;Kyrgyzstan, which is scheduled to start on Aug. 1, 2023, and expected to end on Dec. 31, 2026. According to official data, the emergency situation is caused by climate challenges, a low inflow of water into the Naryn River basin and the lack of generating capacity due to excessive growth of energy consumption.&nbsp; 
 In the latest report by Kabar,&nbsp;Japarov stressed that <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> <a rel="noopener noreferrer nofollow" title="mining" href="https://thebittimes.com/tag/mining.html">mining</a> will be tariffed at the highest rate available in Kyrgyzstan, though, or around 5 Kyrgyzstani soms ($0.057) per kW. 
 The press office of the Kyrgyz government didn’t immediately respond to Cointelegraph’s request for comment. This article will be updated pending new information. 
 Government authorities in Kyrgyzstan have been increasingly looking at cryptocurrency as an opportunity to boost the local economy. 
 Related: Bitcoin mining difficulty hits all-time high as BTC miner selling peaks 
 In March 2022, Kyrgyz lawmaker Karim Khanjeza called on the authorities in Kyrgyzstan to legalize the cryptocurrency industry during a parliamentary committee meeting. The official urged the government to develop a legal framework for crypto, arguing that “nothing is growing as fast as cryptocurrency.” 
 Despite introducing some regulations for crypto exchanges in 2021, the government of Kyrgyzstan has not passed any crypto-related laws so far. A few years ago, a former government official also argued that cryptocurrency mining was a major factor driving the energy crisis in Kyrgyzstan. 
 Magazine: Should you ‘orange pill’ children? The case for Bitcoin kids books 
 <template data-name="subscription_form" data-type="defi_newsletter"></template> 
</div>

Hydropowered crypto mining gets nod from Kyrgyz president: Report

TheBitTimes

Other articles published on Aug 1, 2023

Namibia Officially Signs Crypto Bill into Law: Details

How can Web3 bring financial freedom closer to reality for freelancers across the globe?

Stablecoins could face problems with new US defense bill

Ripple Advisor Explains XRP Lawsuit Impact On CBDC Projects

XRP Faces Correction Despite Favorable Ruling as Non-Security Token

BRICS Could Topple U.S. Dollar With Gold, Says Analyst

Join our free newsletter for daily crypto updates!