Kuwait's government has launched a crackdown on cryptocurrency mining, citing power grid stress and blackouts as primary concerns. This operation, which comes ahead of potentially extreme summer temperatures, targets homes suspected of illegal mining activities in the Al-Wafrah region. The Ministry of Interior emphasized the legal ban on mining enacted by the Capital Markets Authority in 2023, with significant energy reductions reported. Notably, crypto mining presents a formidable challenge globally, prompting other countries like Russia and Kosovo to implement similar regulations.
Kuwait's crackdown on cryptocurrency mining aims to alleviate power grid stress, especially with soaring summer temperatures threatening blackouts. The country's electricity ministry reports 55% energy consumption drop.
In 2023, Kuwait's Capital Markets Authority declared crypto mining illegal, prompting a security operation targeting homes in Al-Wafrah, which were consuming excessive electricity.
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