Kuwait Raids Homes in Crypto Mining Crackdown

Kuwait has initiated a nationwide crackdown on illegal cryptocurrency mining amid a severe power crisis, conducting raids on around 100 homes, especially in the Al-Wafrah region, and resulting in a 55% drop in local electricity consumption. Over 60 individuals are under investigation for illegal mining activities, which reportedly used up to 20 times the power of an average household. The government, with support from its anti-money laundering committee and top officials, has now imposed an absolute ban on all virtual asset and cryptocurrency mining. These measures aim to protect public safety and prevent further blackouts as electricity demand spikes during the summer. While some experts suggest regulated, state-licensed digital trading platforms could align Kuwait with Gulf neighbors and generate revenue, officials remain concerned about electricity theft, economic costs, and money laundering. Kuwait's crackdown mirrors a growing global trend in countries where cheap electricity has led to increased crypto mining activity and infrastructure strain.