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3 FAQs about [Kuwait mine down]
Why is Kuwait launching a crackdown on cryptocurrency mining?
Kuwait has launched a sweeping crackdown on cryptocurrency mining, blaming the activity for worsening a power crisis that has led to rolling blackouts across the country as temperatures soar and air conditioning demand surges.
Why is Kuwait a good place for crypto miners?
Electricity in Kuwait is heavily subsidized and among the cheapest in the world, making the country an attractive destination for crypto miners seeking to maximize profits. Kuwait's power grid is under strain from multiple sources, including rapid population growth, urban expansion, rising temperatures, and deferred maintenance at power plants.
Is crypto mining illegal in Kuwait?
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.