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    NFT Marketplace OpenSea Flags Data Breach, Here’s What Was Leaked

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    APE avoids broader market weakness

    Here’s Why Apecoin (APE) Price Is Skyrocketing Today

    ETH Whales Add Over $24 Million Worth Of Sandbox (SAND) Token

    The Sandbox Token (SAND) Eyes $1 On This Bullish Signal

    Uniswap Labs Acquires NFT Startup Genie

    Uniswap Labs Acquires NFT Startup Genie

    Zuckerberg Confirms Instagram And Facebook Will Display NFTs Soon

    Zuckerberg Confirms Instagram And Facebook Will Display NFTs Soon

    eBay Acquires NFT Marketplace KnownOrigin, Here’s Why

    eBay Acquires NFT Marketplace KnownOrigin, Here’s Why

    NFT Collection Doodles Sees 400% Spike In Volumes On This

    NFT Collection Doodles Sees 400% Spike In Volumes On This

    MoonPay Launches NFT Platform In Universal Studios, Fox Partnership

    MoonPay Launches NFT Platform In Universal Studios, Fox Partnership

    Economic Fail Or Key To A Creative Future?

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    Demystifying Metaverse Competition - NFT News Today

    Demystifying Metaverse Competition

    The Go-To Marketplace For All Things Metaverse

    The Go-To Marketplace For All Things Metaverse

    As Otherside Land Value Drops, Yuga Labs Face Giant Tax Obligation

    As Otherside Land Value Drops, Yuga Labs Face Giant Tax Obligation

    The Web 3 LAND Sale

    The Web 3 LAND Sale

    Disney Metaverse

    Disney Hires Former Apple Executive to Head Metaverse Creative Strategy

    CyberKongZ and The Sandbox Team Up For VoxEdit Contest

    CyberKongZ and The Sandbox Team Up For VoxEdit Contest

    Man wearing smart glasses touching a virtual screen to access the metaverse

    How The Metaverse Can Change Mental Health For The Better

    Jamiroquai Partners With The Sandbox To Bring Funk To The Metaverse

    Jamiroquai Partners With The Sandbox To Bring Funk To The Metaverse

    3iQ Corp Opens a Virtual HQ in the Voxels Metaverse

    3iQ Corp Opens a Virtual HQ in the Voxels Metaverse

  • Analysis
    Bitcoin

    Bitcoin is Plunging, But It’s Too Early to Say Bulls Have Given Up

    Ethereum

    Ethereum Key Indicators Suggest A Sharp Drop Below $1K

    Bitcoin bear

    Why Bitcoin Must Break $22,500

    Bitcoin

    Bitcoin Turns Red, Why BTC Could Trade To New Monthly Lows

    Ethereum

    Ethereum Topside Bias Vulnerable If It Continues To Struggle Below $1.2K

    Ethereum

    Ethereum Plugs 11-Week Bleed, why $1,500 May Be On The Horizon

    Bitcoin

    Bitcoin Dips Further, Why BTC Could Revisit $20K

    Ethereum

    Ethereum Turns Red, Why ETH Must Hold This Key Support

    bitcoin bollinger bands

    Bitcoin Monthly Tags Lower Bollinger Band, Tool’s Creator Hints At Bottom

  • Learn About Crypto
    Zuckerberg Confirms Instagram And Facebook Will Display NFTs Soon

    Top 10 Blockchain and Crypto Events in July

    Crypto Chart Patterns for Trading

    Crypto Chart Patterns for Trading

    Overbought vs. Oversold Signals

    Overbought vs. Oversold Signals

    What Is a Decentralized Exchange (DEX)?

    What Is a Decentralized Exchange (DEX)?

    What Is Ethereum 2.0 (The Merge)?

    What Is Ethereum 2.0 (The Merge)?

    Breaking: ExxonMobil is Mining Bitcoin With Natural gas

    Iran Cuts Power Supply To Crypto Mines;

    What Is Crypto Lending

    What Is Crypto Lending

    How to Survive a (Crypto) Bear Market

    How to Survive a (Crypto) Bear Market

    Top 6 Crypto Events for June 2022 – Coingape

  • Regulation
    Basel Committee wants to limit banks’ digital asset exposure to just 1% of equity

    Basel Committee wants to limit banks’ digital asset exposure to just 1% of equity

    Three Arrows Capital gets a slap on the wrist from Singapore financial watchdog

    Three Arrows Capital gets a slap on the wrist from Singapore financial watchdog

    Grayscale’s legal challenge to SEC sparks response from the community

    Grayscale’s legal challenge to SEC sparks response from the community

    Crypto Giant Grayscale Immediately Sues SEC After Bitcoin ETF Rejection

    Crypto Giant Grayscale Immediately Sues SEC After Bitcoin ETF Rejection

    Singapore reprimands 3AC for providing false information

    Singapore reprimands 3AC for providing false information

    Binance to assist Cambodia in developing digital asset regulations

    Binance to assist Cambodia in developing digital asset regulations

    Coinbase reportedly has contract with ICE to provide users’ geo-location data

    Coinbase reportedly has contract with ICE to provide users’ geo-location data

    Coinbase seeking aggressive European expansion amid crypto winter

    Coinbase seeking aggressive European expansion amid crypto winter

    Bitcoin crashes under $20K as SEC rejects Grayscale spot ETF application

    Bitcoin crashes under $20K as SEC rejects Grayscale spot ETF application

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Home Regulation

Kazakh officials seize 360 illegal Bitcoin ASICs amid push for higher mining tax

February 24, 2022
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Kazakh officials seize 360 illegal Bitcoin ASICs amid push for higher mining tax
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Kazakhstan’s authorities have confiscated 360 specialized Bitcoin ASICs as part of the country’s ongoing campaign to weed out “gray” crypto miners.

According to an announcement published by the Financial Monitoring Agency today, officials have “identified persons engaged in mining activities in violation of the laws of the Republic of Kazakhstan.”

“During the search, 360 units of ASIC miners, which produce digital cryptocurrency ‘Bitcoin,’ were found and confiscated. ‘Mining farms’ were installed in three containers,” the agency reported, adding that “the investigation is underway.”

Opportunity cost

This comes on the heels of Marat Sultangaziyev, Kazakhstan’s First Vice Minister of Finance,  proposing to increase the electricity tariff by 335%. If accepted, it would mean that crypto miners in the country will no longer pay a flat rate of  $0.0023 per kWh—instead, the electricity rate will rise up to $0.01.

The proposal also included a tax on mining equipment which should be taxed the same way as casinos, according to Sultangaziyev.

His latest initiative, combined with Prime Minister Alikhan Smailov’s recent order to “take decisive action against gray mining,” could ultimately contribute to pushing miners out of the country—and that’s just as Kazakhstan seemingly began to build its reputation of a mining Mecca.

Last year, China—which was the world’s leader in terms of its total Bitcoin hash rate share—effectively outlawed the whole mining industry, forcing the corresponding enterprises to either shut down or relocate.

As a result, Kazakhstan was considered one of the prime new locations for Chinese miners thanks to its stable and cheap energy supply. At this rate, however, the country’s attractiveness to miners may slowly fade, especially if local authorities continue to put more and more pressure on the sector.

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