Mining company SAI.TECH operating in Kazakhstan announced that it has suspended its expansion plans due to uncertainties about the future.
SAI.TECH, a globally valuable Singapore-based sustainable mining company, recently announced that it is suspending its future expansion plans in Kazakhstan. These suspended plans BetterTech Limited As part of the agreement signed in 2021 with90 MW power supply cooperation in Kazakhstan” contained its second phase.
SAI.TECH started receiving complaints from its partners and hosting customers doing business in Kazakhstan last May due to operational instability and uncertainties about costs. in June 2022 Political protests across Kazakhstan Due to this reason, the operations in question were tried to be progressed in a timely interrupted manner. in 2021 After the Chinese government completely bans cryptocurrency miningThe vast majority of miners operating in China Kazakhstann and USAThey had switched to. After this increasing demand and the “mining migration”, the Kazakhstan government started to focus on these activities. had severe tax increases..
Due to the intense increase in mining activities, the same Iranianas in power outages are frequent and in line with the guidelines set out to current government miners call for registration with official institutions had been found. SAI.TECH, which operates legally in Kazakhstan, stated that as a result of the setbacks and the decreases in the prices of cryptocurrencies, the uncertainty environment for the future has become serious and they have stopped the second phase of their investment plans. In addition to this cancellation decision on the second phase, 15 MWof production systems will continue to work reported.