Kuwait cracks down on crypto miners to cut down on electricity usage

[Pelican Press 0]

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Kuwait cracks down on crypto miners to cut down on electricity usage

Kuwait is cracking down on cryptocurrency miners throughout the country,

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. Officials have blamed the practice for blackouts and for causing stress on its power grid. The country started this crackdown just before the onset of summer, which experts say of 125 degrees Fahrenheit.

Kuwait’s Ministry of Interior said in a statement that it has been conducting a “wide-ranging” security operation that targets homes suspected of being used for cryptocurrency mining. The government agency went on to say that crypto mining is ********, as the country’s

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The crackdown has been targeting homes in the Al-Wafrah region of Kuwait, which is located in the southern part of the country. The region’s electricity ministry has said that around 100 homes were being used for mining operations, often consuming up to 20 times the normal power levels. To that end, energy consumption in the area dropped by 55 percent following the operation, according to a government statement.

It’s no secret that cryptocurrency mining gobbles up vast amounts of computing power and, as such, electricity. Kuwait isn’t the only country to regulate or outright ban the practice. Russia has banned crypto mining in . Kosovo

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. European countries like have strictly regulated the industry due to energy shortages.

As for Kuwait, researchers at the University of Cambridge estimated that the country was responsible of the world’s bitcoin mining in 2022. Alex de Vries-Gao, founder of a research project that tracks crypto energy use, told Reuters that “it only takes a very small share of the total bitcoin mining network to have a significant impact on the relatively small total electricity consumption of Kuwait.”

Recent data indicates that crypto mining accounts for almost 2.5 percent of the

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. But hey, at least we get some fake coins we can’t buy anything with for our trouble.

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#Kuwait #cracks #crypto #miners #cut #electricity #usage

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