Bitdeer Mining Insights

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Kazakhstan’s Financial Monitoring Agency (AFM) has closed 130 crypto platforms tied to money laundering and seized $16.7 million in digital assets. The crackdown, part of an ongoing campaign against financial crimes, comes despite the nation’s overall pro-crypto stance. AFM also recently confiscated $642,000 from illegal mining operations, reinforcing Kazakhstan’s dual approach of promoting regulated crypto growth while curbing illicit use.

New York State Senator Liz Krueger has proposed a bill introducing a tiered excise tax on electricity used by crypto miners. Under the plan, operations using under 2.25 million kWh per year would be exempt, while those consuming over 20 million kWh annually would face a 5¢ per kWh tax. The bill aims to address environmental concerns and rising energy demands linked to large-scale mining.

The Abu Dhabi Agriculture and Food Safety Authority (ADAFSA) has banned the use of farmland for crypto mining. Offenders face fines of up to AED 100,000 ($27,200), power disconnection, and hardware confiscation. ADAFSA said crypto mining violates sustainability goals and land use regulations, emphasizing that farmland must remain strictly for agricultural purposes.

Google acquired a 5.4% stake in Cipher Mining by backing $1.4B of obligations in Fluidstack’s $3B, 10-year AI compute deal. Cipher will provide 168 MW of power at its Barber Lake site in Texas, with up to 244 MW gross capacity. The agreement follows a similar deal with TeraWulf, expanding Google’s influence in the crypto-mining-powered AI infrastructure space.

Tether denied reports of abandoning its $500M crypto mining project in Uruguay due to $4.8M unpaid electricity bills. The firm said the local operator is working with the government to resolve the issue and reiterated its long-term commitment to sustainable development in the region. Launched in late 2023, the project was one of the country's largest planned foreign investments.