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

Kuwait is cracking down on cryptocurrency miners throughout the country, as reported by Reuters . 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 could reach scorching temperatures 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 illegal, as the country’s Capital Markets Authority banned the practice in 2023. Crypto trading was also banned at that time . 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 ... Read full article.