In a hopeful turn for crypto in Central Asia, the Kyrgyz Republic’s President has passed the order for a crypto mining farm with several goals in mind.
A Central Asian country has been in the news recently, concerned with a development in crypto. The Kyrgyz Republic, which has caused the stir, has caused quite an encouraging response from the crypto industry. On July 27, the President of the Kyrgyz Republic, Sadyr Japarov, approved a crypto mining farm. The farm would likely be built in a hydroelectric plant.
The government would commit $20 million as an initial investment in the project. The Kambar-Ata-2 Hydro Power Plant would run the facility. The primary goal behind the government’s decision is to prevent power losses. The losses generally arise from non-used power at the plants.
The issue has become grave since the government has already lost 6.8 billion kilowatt-hours of energy from Kambar-Ata-2 since 2010. The crypto mining farm could help future losses, leading to the government saving costs in its budget.
“As soon as the mining farm starts working, the earned money will go to the power engineers or, to be more precise, to the ordinary people. Each tyiyn, every kWh will be under the control of power engineers. Everything will be automated and under our control,” said President Japarov.
The government would continue shedding more light on the farm. Earlier, lawmakers in the Central Asian country had called for new crypto laws for the industry. The latest government could set better precedents for crypto in Central Asia. Another country in the region, Kazakhstan, released information regarding its digital currency in early 2023.