Fun

News Feed - 2023-07-28 08:07:11

Helen Partz12 hours agoHydropowered crypto mining gets nod from Kyrgyz president: ReportKyrgyz President Sadyr Japarov promised to distribute money from crypto mining at the hydropower plant to “ordinary people.”3023 Total views43 Total sharesListen to article 0:00NewsJoin us on social networksThe 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 cryptocurrency mining 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 mining farm, the Kyrgyz government will be able to deploy the remaining energy wisely and bring benefits to the country’s budget, the president noted, stating:“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.”


The report somewhat contradicts recent energy-related news in Kyrgyzstan. On July 24, the Kyrgyz president announced a state of emergency in the energy sector of 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. 


In the latest report by Kabar, Japarov stressed that crypto mining 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# Bitcoin# Cryptocurrencies# Mining# Government# Kyrgyzstan# RegulationAdd reactionAdd reactionRelated NewsWhat are NFT royalties, and how do they work?German political parties split on how to regulate increasing AI adoptionWhy is Jerome Powell gaslighting us about the odds of recession?South Korea passes cryptocurrency bill to tackle unfair tradingBelarus wants to ban P2P cryptocurrency transactionsSouth Korea to ask firms to disclose crypto holdings starting 2024

News Feed

Portuguese data regulator bans Worldcoin operations for 90 days
Savannah Fortis10 hours agoPortuguese data regulator bans Worldcoin operations for 90 daysThe regulator ordered that Worldcoin cease collecting data from users in the country for 90 days, citing a high risk to citizens
Regulators are cracking down on financial privacy, but ZK-proofs can help
Zoltan Vardai9 hours agoRegulators are cracking down on financial privacy, but ZK-proofs can helpThe convergence of ZK-proofs and decentralized identity systems could create more compliant privacy-preserving protocols, w
Iconic Staples Center, Home of Los Angeles Lakers, Changing Name to Crypto.com Arena
Iconic Staples Center, Home of Los Angeles Lakers, Changing Name to Crypto.com Arena Staples Center, one of the most iconic and globally recognized sports and entertainment arenas
Sequel to Iconic RPG Ni No Kuni to Feature NFT Integration and Play-to-Earn Mechanics
Sequel to Iconic RPG Ni No Kuni to Feature NFT Integration and Play-to-Earn Mechanics The new installment of Ni No Kuni, an RPG franchise brought by independent gaming studio Level
Intel Discloses Holding Coinbase Stake in Filing With SEC
Intel Discloses Holding Coinbase Stake in Filing With SEC Computer chip manufacturer Intel Corp. has revealed it holds a stake in the leading U.S. cryptocurrency
Stellar’s Plan to Win Global Payments: Play Nice With the Finance Cops
MEXICO CITY – There’s a mobile app approved by the Mexican government that lets 20,000 migrant workers in the U.S. pay bills back home over the Stellar network. That’s
Decentralized TV Advances as Cudos Ties Up With Sator and Crypto-Themed Series “Hold on for Dear Life”
Decentralized TV Advances as Cudos Ties Up With Sator and Crypto-Themed Series “Hold on for Dear Life” As blockchain technology expands its horizons, attenti
California AI bill aimed at preventing disasters draws ire from Silicon Valley
Martin Young2 hours agoCalifornia AI bill aimed at preventing disasters draws ire from Silicon ValleyCrypto VC giant a16z claims the AI legislation will “burden startups because of its arbitrary and shifting thresholds
Mike Sarvodaya9 hours agoFormer Coinbase exec posits blockchain-driven vision of future societiesAttendees of the Network State Conference in Amsterdam believe that a new tomorrow is possible with decentralized technolog
Dogecoin Price To Enter Phase E After Testing Last Point Of Support, Here’s The Target
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Price analysis 7/8: SPX, DXY, BTC, ETH, BNB, SOL, XRP, TON, DOGE, ADA
Rakesh Upadhyay5 hours agoPrice analysis 7/8: SPX, DXY, BTC, ETH, BNB, SOL, XRP, TON, DOGE, ADABitcoin is facing intense selling pressure, but the positive divergence on the RSI suggests a recovery is possible in the nea
Biggest Movers: MATIC Moves to 2-Week High, as Market Volatility Eases
Biggest Movers: MATIC Moves to 2-Week High, as Market Volatility Eases Polygon was a notable mover on Friday as the token surged to a two-week high, while volatility in crypto mark