Energy use in a Kuwaiti city fell by over 50% after authorities cracked down on crypto mining
Authorities in Al-Wafrah, Kuwait, cracked down on alleged crypto miners in the city, which resulted in a 55% decrease in power consumption the following week. According to Reuters, Kuwait is in a power crisis as summer temperatures are soaring. Its growing number of citizens are pushing the power grid to keep cool while some power plants are experiencing maintenance delays. Kuwaiti authorities allege that cryptocurrency miners are pushing power demand beyond the country's capacity, leading to blackouts and a "major" power crisis.
Cryptocurrency trading is illegal in Kuwait, but mining is not explicitly banned. Nevertheless, the government's interior ministry said it "constitutes an unlawful exploitation of electrical power…and may cause outages affecting residential, commercial, and service areas, posing a direct threat to public safety." The government raid covered about 100 homes suspected of hosting crypto mining operations, with some using more than 20 times the electricity consumption of the average Kuwaiti home.
Crypto mining is a power-intensive activity, with one Bitcoin transaction consuming more than 1,047 kWh of electricity — about the same amount of power that the average U.S. household uses in over a month. Researchers estimated that Kuwaiti miners were responsible for less than half a percent of global mining activities in 2022. However, Digiconomist founder Alex de Vries-Gao told Reuters, "It only takes a very small share of the total bitcoin mining network to have a significant impact on the relatively small total electricity consumption of Kuwait."
Kuwait is a small, oil-rich country in the Middle East, where electricity is affordable, probably because of its low fuel costs. Because of this, it's become an attractive area for crypto miners, as power consumption is one of the biggest costs of their operation. However, Kuwait's limited power reserves and expanding urban area mean these operations compete against residents and other businesses for electricity. Given that the authorities ban cryptocurrency trading, it makes sense for them to also crack down on mining operations.
This incident highlights the increasing power demands of high-powered computing. And while crypto mining might be setting records in power consumption, AI data centers are the bigger threat to our electricity supply. Meta founder Mark Zuckerberg says that limitations in our power grid will constrain AI growth, with Meta and other companies turning to nuclear reactors to provide the electricity their massive data centers need. And even if there's enough power to be had, they also cause reduced power quality in nearby residential areas, reducing the lifespan of electrical appliances in our homes.
Follow Tom's Hardware on Google News to get our up-to-date news, analysis, and reviews in your feeds. Make sure to click the Follow button.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
USA Today
19 minutes ago
- USA Today
Top Trump aide accuses India of financing Russia's war in Ukraine
Stephen Miller on Fox News: Trump said, 'It is not acceptable for India to continue financing this war by purchasing the oil from Russia.' WASHINGTON – A top aide to President Donald Trump accused India of effectively financing Russia's war in Ukraine by purchasing oil from Moscow, after the U.S. leader escalated pressure on New Delhi to stop buying Russian oil, in a Fox News interview that aired on Aug. 3. More: President Trump announces 25% tariff on imports from India "What he (Trump) said very clearly is that it is not acceptable for India to continue financing this war by purchasing the oil from Russia," said Stephen Miller, deputy chief of staff at the White House and one of Trump's most influential aides. More: Russia does not care about Trump's 'theatrical ultimatum', senior official says Miller's criticism was among the strongest yet by the Trump administration about one of the United States' major partners in the Indo-Pacific. "People will be shocked to learn that India is basically tied with China in purchasing Russian oil. That's an astonishing fact," Miller said on Fox News' "Sunday Morning Futures." The Indian Embassy in Washington did not immediately respond to a request for comment. Indian government sources told Reuters on Aug. 2 that New Delhi will keep purchasing oil from Moscow despite U.S. threats. More: Trump says he ordered 2 nuclear subs to 'appropriate regions' after Russia nuclear threats A 25% tariff on Indian products went into effect on Aug. 1 as a result of its purchase of military equipment and energy from Russia. Trump has also threatened 100% tariffs on U.S. imports from countries that buy Russian oil unless Moscow reaches a major peace deal with Ukraine. Miller tempered his criticism by noting Trump's relationship with Indian Prime Minister Narendra Modi, which he described as "tremendous."
Yahoo
38 minutes ago
- Yahoo
Veteran fund manager turns heads with new Meta Platforms stock price target
Veteran fund manager turns heads with new Meta Platforms stock price target originally appeared on TheStreet. On any given day, nearly half the world is on Meta Platforms () . The parent of Facebook, Instagram, Messenger, Threads and WhatsApp, Meta has dramatically changed the way we live — for better or worse. 💵💰Don't miss the move: Subscribe to TheStreet's free daily newsletter 💰💵 The Menlo Park, Calif., social media giant is moving aggressively with artificial intelligence into areas that some people find just a bit spooky. "Over the last few months, we've begun to see glimpses of our AI systems improving themselves, and the improvement is slow for now but undeniable," Chief Executive Mark Zuckerberg said during the second-quarter earnings call. "And developing superintelligence, which we define as AI that surpasses human intelligence in every way, we think is now in sight." To build this future, Zuckerberg said the company had set up Meta Superintelligence Labs, "which includes our foundations, product, and fair teams as well as a new lab that is focused on developing the next generation of our models." Meta CEO says AI creating greater efficiency The company seems to be on the right track. Meta Platforms handily beat Wall Street's quarterly forecasts and the stock is up nearly 52% this year. Zuckerberg said the quarter's strong performance stemmed largely from "AI unlocking greater efficiency and gains across our ad system." More AI Stocks: Google plans major AI shift after Meta's surprising $14 billion move Meta delivers eye-popping AI announcement Veteran trader surprises with Palantir price target and comments Chris Versace, TheStreet Pro portfolio's lead manager, liked what he heard from Zuck & Co. and boosted his price target for Meta shares to $850 from $725. "The hike in our target reflects a combination of a few factors, including the company's still expanding reach, advertising gains, and improving monetization efforts," he said. With trade tensions appearing to cool as the Trump administration announces deals and other conversations are extended, Versace said, "the reduced uncertainty tied to an economy that is still expanding should foster more normalized advertising spend." "In that environment, we continue to see Meta benefiting, especially as advertisers continue to shift increasingly toward digital platforms," he said. "They also want to tap the 3.48 billion in daily active people across all of Meta's platforms vs. 3.27 billion at the end of June 2024." While many were in awe of the company's impressive top- and bottom-line beats, Versace said the year-over-year five-percentage-point improvement in its consolidated operating margin caught his eye. "We should see further improvement in the second half of 2025, but higher expenses will be a headwind as Meta invests further in AI capacity and talent," he noted. "However, we see this as another instance of the company investing today to drive its business and profits higher in the coming quarters." Fund manager: Capital spending at ludicrous levels The future ain't gonna come cheap. Meta, Amazon () , Alphabet () and Microsoft () are set to spend as much as a cumulative $364 billion in their respective 2025 fiscal years, up from their prior estimates of around $325 billion. Meta narrowed its 2025 capital-spending outlook to a range of $66 billion to $72 billion, up $30 billion year over year at the midpoint, Versace investment firms also noted Meta's capital expenditures, including Scotiabank, which raised its price target on the company's shares to $685 from $675 and affirmed a sector-perform rating on the shares. Meta posted its largest beat in several years, and the revenue comparison in fiscal Q1 2026 against the year-earlier period looks "much easier," the firm said, according to The Fly. However, the firm said it remains on the sidelines until it sees the company progress on profiting from its higher capital expenditures while also outpacing the hit to earnings. Doug Kass, a longtime hedge-fund manager and TheStreet Pro contributor, picked up on the capex issue in a lengthy comment on X. "META has burned through $30 billion in the last two quarters," he wrote. "Cash is now down to $12 billion" and "the capital and operating expense are now becoming a burden - nearly all of depreciation schedules [are] an absolute joke." Kass called the amount of capital spending "ludicrous ... in part because of the accounting gimmicks that hide its true cost. "At some point this will start getting into the numbers, even with the gimmicks," he said. "And I still do not know where all the space, power, water, and even ancillary equipment will be found for all of this. There is only so much stuff the air conditioning manufacturers can make!" Kass cited Amazon's latest earnings report, noting that "the capital expense is starting to bite and hit the numbers." "Margins at [Amazon Web Services] are finally starting to feel it, and they disappointed," he added. "Growth was nothing to write home about either. That is why the stock is selling off."Veteran fund manager turns heads with new Meta Platforms stock price target first appeared on TheStreet on Aug 3, 2025 This story was originally reported by TheStreet on Aug 3, 2025, where it first appeared. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Fox News
43 minutes ago
- Fox News
Meta deletes 10 million Facebook accounts this year, but why?
Facebook, being a platform used by billions, is flooded with all kinds of accounts. However, not all of them are genuine. Many are bots that often hijack comment sections, posting the same messages repeatedly. There are also accounts that have built their entire follower base by sharing content originally created by others. Meta seems to have realized the platform needs some cleaning, and it has announced that a staggering 10 million accounts were deleted in the first half of 2025 alone. The purge, it seems, is far from over. Sign up for my FREE CyberGuy ReportGet my best tech tips, urgent security alerts and exclusive deals delivered straight to your inbox. Plus, you'll get instant access to my Ultimate Scam Survival Guide — free when you join my Meta says it deleted around 10 million accounts in the first half of 2025, mostly for impersonation, spam behavior and fake engagement. This is part of a broader effort to promote original content and clean up the platform and prioritize original content. The accounts were taken down for impersonating large content producers, according to the company, which shared the update in a blog post aimed at creators. The crackdown is part of a broader initiative "to make Feed more relevant and help authentic creators break through," with Meta starting by "cracking down on spammy content." In addition to the 10 million impersonator accounts, the company says it took action on around 500,000 accounts engaged in spammy behavior or fake engagement. The company is also enforcing stricter policies to cut down on what it calls unoriginal content. It defines this as posts that repeatedly reuse or repurpose another creator's work without giving credit. Meta says it's not targeting creators who participate in trends or remix existing content. What matters is whether they add something original to the mix. The company encourages reaction videos, commentary and other transformative uses of content. But accounts that repeatedly repost others' work without permission or meaningful changes will face consequences. These actions include reducing how widely Meta shows their content and temporarily disabling access to monetization features. If Meta's systems detect duplicate videos, the platform will prioritize the original version and limit the reach of the copies. The company is also experimenting with ways to credit original creators more clearly, such as adding links back to the source video. To help creators maintain visibility and reach, Meta recommends focusing on original content, avoiding third-party watermarks and making substantial edits when using material from other sources. Basic stitching or watermarking, the company notes, doesn't count as a meaningful transformation. Meta's crackdown isn't just about removing spam. It directly affects how content is ranked, shown and monetized. For creators, especially smaller ones trying to expand an audience, originality now plays a bigger role than ever. If your content is flagged as unoriginal or spammy, Facebook may stop showing it in people's feeds. That can tank your reach and, in some cases, cut off access to monetization tools like in-stream ads or bonus programs. On the flip side, creators who focus on making unique content or thoughtfully transforming existing media have a better shot at standing out. Meta says it's adjusting its algorithms to boost authentic voices. That could help original creators gain more traction if they play by the new rules. To prevent Meta from flagging or removing your Facebook account under its new policies, especially if you're a creator or post content regularly, follow these key steps: 1. Post original content. Share content you created yourself, whether it's photos, videos, text or anything else. Meta is more likely to penalize accounts that mostly rely on reposted or recycled material. 2. Transform content if you reuse it. If you're sharing someone else's content (with permission or under fair use), add real value. Think reaction videos, voiceover, commentary or edits that change the context or experience. Simply stitching clips together or slapping on a watermark won't cut it. 3. Avoid impersonation and spam tactics. Don't pretend to be another creator or brand, and don't rely on engagement bait (like spamming comment sections or repetitive hashtags). Meta is actively removing accounts that engage in fake interactions. 4. Avoid using visible third-party watermarks. If your video shows clear signs of being recycled from another app, such as a TikTok watermark, Meta may flag it. Upload clean versions without logos or branding from other platforms. Meta cracking down on spam and fake accounts is a step in the right direction, especially for creators who've been struggling to get noticed. Facebook has been messy for a while now, with the same videos and memes popping up from different pages and bots flooding comment sections. Have you noticed more recycled content on your Facebook Feed lately? Let us know by writing to us at Sign up for my FREE CyberGuy ReportGet my best tech tips, urgent security alerts and exclusive deals delivered straight to your inbox. Plus, you'll get instant access to my Ultimate Scam Survival Guide — free when you join my Copyright 2025 All rights reserved.
