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Report: Kyrgyz president approves hydropowered crypto mining

Report: Kyrgyz president approves hydropowered crypto mining

– Kyrgyz President Sadyr Japarov has approved the construction of a cryptocurrency mining farm at a hydroelectric power plant in Kyrgyzstan.

– The government plans to spend up to $20 million on the facility, which aims to utilize unused power from the plant and avoid energy losses.

– President Japarov stated that the earnings from the mining farm will benefit the country’s budget and be distributed to “ordinary people.”

– The move comes despite a recent state of emergency declared in Kyrgyzstan’s energy sector due to climate challenges and low water inflow.

– Crypto mining in Kyrgyzstan will be tariffed at the highest rate available, around $0.057 per kW.

– The government sees cryptocurrency as an opportunity to boost the local economy, but has yet to pass any crypto-related laws.

– In 2022, a lawmaker called for the legalization of the cryptocurrency industry, citing its rapid growth.

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