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Kazakhstan urges mining companies to tighten information disclosure

 


The government of Kazakhstan, the world's second-largest mining hub, has issued new reporting requirements for mining companies to get a more accurate view of the industry's energy use and its impact on the national power grid.


The decree issued by the Ministry of Digital Development stipulates that mining companies must provide comprehensive information about their business operations no later than 30 days before they start their business.


The ministry is primarily aiming for information on energy consumption and the "technical specifications" for connection to the power grid. Among other things, it must be stated what type of mining equipment is used, to what extent it is available, how imports from abroad are organized and what other purchases are planned in the next 12 months.


Kazakhstan has been inundated with crypto miners over the past year after the Chinese central government cracked down on the market-leading domestic industry in mid-2021. The sudden increase in mining equipment then drastically increased energy requirements in Kazakhstan and even led to increased outages, forcing the country's government to temporarily cut off the electricity grid for the miners.


The new requirements also stipulate that mining companies must also provide precise information about the legal status of the operators, who must be residents of the Republic of Kazakhstan. In addition, general contact data and IP addresses must be disclosed.


To ensure that all required data is always as up-to-date as possible, the miners have to update all requested information on a quarterly basis. Mining companies that go out of business must also submit the required data again at the end of their work.


With the latest decree, the Ministry of Digital Development is tightening a previous order from October 2020, which had already formulated requirements for information disclosure by mining companies.


But Kazakhstan is already using other mechanisms to get the excessive power consumption in the mining industry under control. A massive tax hike on electricity used for crypto mining was proposed in February. The end of the tax exemption for mining hardware was also considered in the course of this.

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