Kazakhstan among top 3 Bitcoin mining destinations after US and China

For over a yr, the oil-rich Central Asian nation of Kazakhstan has maintained its place because the third-biggest contributor to Bitcoin (BTC) mining after surpassing Russia again in February 2021. 

As of January 2022, Kazakhstan contributed to 13.22% of the whole Bitcoin hash price, positioned proper after the historic leaders the US (37.84%) and China (21.11%), as proven beneath.

Alongside comparable timelines, Cambridge Centre for Different Finance knowledge estimated that Kazakhstan’s absolute hash price contribution (month-to-month common) was 24.8 exahashes per second (Eh/s). In the meantime, the US and China contributed 71 Eh/s and 39.6 Eh/s, respectively.

The Worldwide Power Company (IEA), which is co-funded by the European Union, highlighted Kazakhstan’s heavy reliance on non-renewable vitality, reminiscent of oil (over 50%), coal (28%) and pure fuel (17%) till 2020. The examine revealed:

“Most coal is used for electrical energy and warmth era, whereas most oil is utilized by ultimate customers, significantly in street transport.”

Nonetheless, the highest three nations contributing to the Bitcoin hash price proceed to eat away the share of different gamers, reminiscent of Malaysia, Germany and Iran. Kazakhstan was among the many first to welcome the displaced Chinese language miners when the Chinese language authorities imposed a blanket ban on Bitcoin and crypto mining and buying and selling.

China resumed mining operations in September 2022, however the non permanent mining ban stripped the nation’s place as the largest Bitcoin mining hub, inserting the US on the high ever since.

Associated: Russian customers are welcomed by crypto exchanges in Kazakhstan, however there’s a catch

Native stories from Kazakhstan highlighted the nation’s intent to legalize a mechanism for changing cryptocurrencies to fiat.

Talking on the worldwide discussion board Digital Bridge 2022, President Kassym-Jomart Tokayev shared his imaginative and prescient to make Kazakhstan a frontrunner within the area of digital expertise, cryptocurrency ecosystem and controlled mining.

“We’re able to go additional. If this monetary instrument reveals its additional relevance and safety, it can definitely obtain full authorized recognition,” Tokayev acknowledged.