Kyrgyzstan to Spend $20 Million to Build a Hydropowered Crypto Mine (Report)
The President of the Kyrgyz Republic – Sadyr Japarov – has reportedly approved the building of a cryptocurrency mining farm at a hydropower plant near the country’s biggest river – the Naryn.
The political leader believes this development will allow the hydroelectric station to use its excessive energy since it can not sell it anywhere.
Permission Granted
According to a local media outlet, President Japarov has allowed the construction of a crypto mining farm at the Kambar-Ata-2 Hydro Power Plant. The investment will cost approximately $20 million and could be one way to avoid energy losses since there are periods when the station produces more electricity than necessary.
The plant was launched in 2010 and develops 120 MW of energy each year. However, it could employ only 90 MW of this quantity, meaning the remaining 30 MW “has been absorbed into the air.” In financial terms, it lost over $37 million due to that flaw.
“We have enough electricity on summer days. It even exceeds. We cannot sell anywhere. Therefore, in order to benefit the energy system, we are allowing sites that can carry the load,” Japarov explained.
He outlined that the crypto mining facility could temporarily shut operations during winter when the power plant’s productivity is not that high. The construction of the mine should happen in the next nine months.
In addition, Japarov stated that the government has intentions to build more hydroelectric power plants and start exporting energy to its neighbors:
“Starting from next year, there is a task to export electricity to Pakistan and Afghanistan through the CASA 1000 line. We have already made a commitment to the World Bank. Therefore, we are increasing the pace of construction of hydroelectric power stations.”
The President warned that the authorities will closely monitor the mine’s activities, asserting it will take measures if the process harms the state.
“Everything is being computerized. We are watching. We measure each of our actions not seven but seventy times and then take decisive steps.
Therefore, I would like to say to those who are only looking for evil that no matter what the topic is, first make it very clear and then produce material. Your efforts to confuse people will not work. Our nation is not the nation of 30 years ago. Now everything is political,” he concluded.
The Crypto Fan Inside the Parliament
Karim Xanzheza – Deputy of the Parliament of Kyrgyzstan – displayed himself as a proponent of the digital asset industry last year, claiming “nothing grows as fast as cryptocurrency.”
He maintained that the Central Asian country is ideally suited to take advantage of the sector and urged the domestic lawmakers to impose a regulatory framework.
The politician suggested that Kyrgyzstan should introduce a national cryptocurrency and attract professionals who could aid the nation’s efforts in the field.
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