Regional crypto-miners in Kazakhstan (the 3rd-biggest market regarding the hash rate of Bitcoin mining) are concerned about huge energy prices. Keeping this in view, the respective miners have complained to the president of the country to minimize the energy prices within the jurisdiction. The local media reported that the 8 prominent crypto-mining operators officially signed an open letter.
Kazakhstan-Based Crypto Miners File Complain to the President about Heightened Prices
The letter addressed President Kassym-Jomart Tokayev. The list of the entities who signed the respective letter takes into account Kinur Invest, VerCom, Green Power Solution, and AI Solutions. The rest of them include KZ Systems, TT TECH Limited, and BCD Company.
The letter mentions that the crypto mining market in Kazakhstan is going through a considerably distressful situation. The cause of this is chiefly the heightened energy prices that bother the miners. The text of the letter indicates that the entirety of the well-known market players have stopped their operations.
It further says that these entities have a strategy to fully stop their business within the Republic of Kazakhstan. As the letter reveals, such entities intend to do so by this year’s end. The executives responsible for signing the letter think that the situation dealing with prices is quite harmful. According to them, this disrupts the government’s endeavours to regulate the cryptocurrency market along with hindering mining.
The Letter from Crypto Miners Says the Mining Industry Is Nearing Its Extinction
The letter discloses that the issue has resulted from the decision to elevate taxes concerning energy regarding crypto miners. Due to the taxes, Kazakhstan is already in a significant position among the leaders in the crypto mining sector. The countries in this list take into account China, Russia, and the United States. It also asserts that the industry is currently getting closer to its extinction.
SEC Issues Investors Alert Regarding Cryptocurrency Securities
Bitcoin’s Upward Price Journey – BTC to Hit New All-Time High (ATH) Value
U.S. Defense Bill 2024 Removes Crypto Regulations from the Legislation
You have not selected any currencies to display