Illegal Bitcoin Mining Farm Found In Kyrgyzstan Free Economic Zone

Last updated on April 14th, 2023 at 12:34 pm

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A large illegal bitcoin mining farm has been found at Free Economic Zone “Bishkek” , State Service for Combating Economic Crimes in Kyrgyzstan said.

It was gathered that the authorities found the illegal cryptocurrency mining farm on the territory of a local free economic zone (FEZ).

Kyrgyz authorities posted a video of the facility on YouTube on Aug. 7 alleged some government officials of involvement.

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On the site of the mining farm, local enforcement officials reportedly found crypto mining devices connected to electricity and the Internet.

Investigation launched

No government official has specifically been mentioned, it’s however gathered by the local news agency 24.kg, that authorities have launched an investigation into the origins of miners and energy sources.

Members of local government organizations and executives from the FEZ were reportedly involved in running and covering up the illicit crypto mining facility.

Where is FEZ Bishkek?

Located in the capital of the Kyrgyz Republic, FEZ Bishkek is a territory for the creation and expansion of private business in the Kyrgyz Republic.

According to its website, FEZ Bishkek has been running for more than 20 years to date.

Kyrgyzstan is a popular site for global crypto mining firms because of its cheap energy prices.

The country is a popular destination for global cryptocurrency mining firms. In 2019, local energy officials announced that the government cut off power to 45 crypto mining firms as they consumed more energy than three local regions combined.

Also Read:  8 Things To Know Before Running Crypto Ads on Facebook

In July 2020, Kyrgyzstan’s Parliament considered a bill to tax and regulate crypto mining activities to increase government revenue from the emerging industry.

The latest discovery is coming at a time, investors’ attention is being shifted to cryptocurrency as a result of the recent encouraging price surge of bitcoin and other coins around the world.

Author

  • Opeyemi Quadri

    Ope is a finance writer and researcher with 10+ years of experience in content creation. His interests cut across decentralized finance, investment, foreign exchange, government policies and politics.

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