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Crypto miners in Kuwait exploit lax laws, cheap power

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KUWAIT: As Kuwait seeks to ease pressure on the grid before the start of a sweltering summer, authorities are cracking down on cryptocurrency miners, who are accused of being a “major” cause of a power crisis that has led to blackouts. OPEC member Kuwait is grappling with a severe power crisis driven by population growth, urban expansion, rising temperatures and delayed maintenance at some plants.

Authorities started a “wide-ranging” security operation late April, targeting homes used for illegal cryptocurrency mining. Crypto mining activities “constitute an unlawful exploitation of electrical power … and may cause outages affecting residential, commercial and service areas, posing a direct threat to public safety”, the interior ministry said in a statement last month.

Electricity in the country is extremely cheap and the government has urged residents not to waste it as the need to keep cool amid sweltering summer temperatures heaps pressure on a strained electrical grid. Cryptocurrency mining, although a major cause of the power crisis, is not the only factor, a source at the electricity ministry told Reuters.

Kuwait’s crackdown has targeted homes in Wafra, Kuwait’s southernmost area, where the electricity ministry has previously said around 100 homes were used for mining, some of them consuming up to 20 times normal electricity levels. Energy consumption in Wafra fell by 55 percent following the operation, the electricity ministry said in a statement last Saturday.

Kuwait has banned cryptocurrency trading but has no laws specifically addressing mining. “They saw government subsidies, saw the absence of oversight, and saw no laws in place, so they exploited the situation to their benefit,” said Saud Al-Zaid, who formerly served as executive board member of the Communications and Information Technology Regulatory Authority in Kuwait.

Mining for crypto uses vast amounts of computing power and has prompted authorities from Kosovo to Russia to curb its use to prevent electricity shortages. The miners tend to base themselves where power is cheap, and often in colder climes where it is easier to cool their servers. Researchers at the University of Cambridge estimated that in 2022, Kuwait was responsible for just 0.05 percent of the world’s bitcoin mining at the time.

While there is no good data on how much power crypto miners use in Kuwait, “it only takes a very small share of the total bitcoin mining network to have significant impact on the relatively small total electricity consumption of Kuwait,” said Alex de Vries-Gao, founder of Digiconomist, a research project tracking crypto’s energy use.

Kuwait’s central bank has warned against investing in crypto. The country’s approach to the sector differs to that of some of its neighbors, which have embraced the industry. Dubai last week played host to a large crypto event, with Eric Trump, US President Donald Trump’s son, among those in attendance. — Reuters

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KPC highlights sector strengths; Q8 wins awards at IDCE 2025

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MANAMA: Kuwait Petroleum Corporation (KPC) and its subsidiaries are showcasing the country’s oil sector achievements and global reach at the International Downstream Conference and Exhibition 2025 (IDCE 2025) in Bahrain. The three-day event, running through October 2, draws over 9,500 industry leaders from 53 countries.

The KPC pavilion highlights the accomplishments of its subsidiaries — Kuwait Oil International (Q8), Kuwait National Petroleum Company (KNPC), and Kuwait Integrated Petroleum Industries Company (KIPIC) — in refining, marketing and integrating oil with petrochemicals. Interactive displays and advanced screens showcase how Kuwait’s energy sector is driving economic growth and strengthening its role on the global energy stage.

Q8 CEO Shafi Al-Ajmi described IDCE 2025 as “an important milestone in the journey of the refining industry.” Speaking to KUNA, he said the conference offered Kuwait an opportunity to enhance its presence regionally and internationally, forge strategic partnerships, and meet the evolving demands of global energy markets while supporting sustainable economic development.

Officials honor Kuwait Oil International (Q8), which won first place in the sustainability projects category, in addition to another award recognizing its excellence in project execution.

Officials honor Kuwait Oil International (Q8), which won first place in the sustainability projects category, in addition to another award recognizing its excellence in project execution.

Al-Ajmi noted that the conference attracted more than 50 countries, around 70 global companies, and over 200 speakers, reflecting its evolution from a regional to a global platform. “This large and diverse participation highlights the success of the conference in bringing together top experts from around the world,” he said.

The Q8 delegation, led by Al-Ajmi, presented the company’s future projects and best practices aligned with KPC’s 2040 vision. The company also won two of seven awards at the official conference dinner, including first place in the sustainability projects category for an initiative focused on environmental cleanup and promoting positive social behavior. Another award recognized Q8’s project execution, marking the successful completion of a reliability test within eight months of start-up, demonstrating operational efficiency and adherence to global standards.

IDCE 2025, hosted by Aramco and led by the Gulf Downstream Association, features more than 290 expert speakers across 130 sessions covering innovation, decarbonization and the downstream value chain. IDCE 2025 represents the collective support of Saudi Arabia, Bahrain, Kuwait, Oman and the UAE, and provides a premier platform to advance industry development and enable participation in over $100 billion of investment opportunities in refining, petrochemicals, and sustainability. — Agencies

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Kuwaiti Ambassador presents credentials to Saudi Crown Prince

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RIYADH: Kuwait’s Ambassador to Saudi Arabia Sheikh Sabah Nasser Sabah Al-Ahmad Al-Sabah, presented his credentials to Saudi Crown Prince Mohammed bin Salman on Tuesday, who received him on behalf of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz.

The ceremony took place at the Royal Court in Riyadh’s Al-Yamamah Palace, where the Crown Prince received a number of ambassadors from brotherly and friendly countries, according to the Saudi Press Agency (SPA). During the reception, Crown Prince Mohammed welcomed the ambassadors, conveying the greetings of King Salman bin Abdulaziz and his own regards to the leaders of their respective countries.

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He expressed his best wishes for their efforts to strengthen and develop bilateral relations with Saudi Arabia. The ambassadors, in turn, extended the greetings of their heads of state to the King and the Crown Prince, expressing gratitude for the warm and generous reception they received. — KUNA

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Deputy PM stresses cooperation amid Gaza crisis at summit

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AL-ULA, Saudi Arabia: Kuwait’s representative to the Munich Leaders Meeting, First Deputy Prime Minister Sheikh Fahad Al-Yousef Saud Al-Sabah, underlined the country’s commitment to regional dialogue and international cooperation during the high-level gathering in Al-Ula, Saudi Arabia.

The three-day meeting, held at the Maraya Theater and running through Thursday, brought together senior decision-makers and global experts to discuss pressing issues including international trade, regional crises, energy transition, maritime security and nuclear safety. The conference comes days after US President Donald Trump unveiled a 20-point peace proposal for Gaza, aimed at ending the Zionist entity’s war on the Palestinian territory — a plan that enjoys wide international backing, including from Kuwait.

Speaking to the Kuwait News Agency (KUNA) on the sidelines of the conference, Sheikh Fahad said Kuwait’s participation “confirms our keenness to support regional dialogue and strengthen international cooperation.” He highlighted discussions on urgent humanitarian issues in Gaza and the occupied Palestinian territories, noting that “participants agreed that sustainable regional security cannot be achieved amid ongoing (Zionist entity) aggression.” He also warned of the consequences of escalating military conflicts, describing the attacks on Qatar and Gaza as “a blatant violation of international law and a direct threat to collective Gulf and regional security.”

Sheikh Fahad added that sessions addressed maritime security, energy safety, the elimination of weapons of mass destruction, as well as food and water security, economic challenges and shared security threats. He reaffirmed Kuwait’s commitment, as the current chair of the Gulf Cooperation Council, to collective security, unifying Gulf positions, and enhancing regional and international partnerships.

Secretary-General of the Gulf Cooperation Council Jasem Al-Budaiwi praised Saudi Arabia for hosting the meeting, describing it as “an indication of the Kingdom’s pivotal role in promoting international security and supporting multilateral dialogue to address regional and global challenges.” He also thanked Saudi leadership and Foreign Minister Prince Faisal bin Farhan for their “distinguished preparation and organization” of the event, which drew senior officials from across the globe.

The meeting aimed to provide a platform for exchanging perspectives on current regional and international security challenges, emphasizing the importance of dialogue and peaceful solutions in achieving just peace and sustainable development. Sheikh Fahad and the accompanying Kuwaiti delegation, including Ambassador Najeeb Al-Bader, Assistant Foreign Minister for GCC Affairs, departed Al-Ula on Wednesday after concluding their participation in the conference. — Agencies

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