Kazakhstan among top 3 Bitcoin mining destinations after US and China

For implicit a year, the oil-rich Central Asian state of Kazakhstan has maintained its presumption arsenic the third-biggest contributor to Bitcoin (BTC) mining aft surpassing Russia backmost successful February 2021. 

As of January 2022, Kazakhstan contributed to 13.22% of the full Bitcoin hash rate, positioned close aft the humanities leaders the United States (37.84%) and China (21.11%), arsenic shown below.

Along akin timelines, Cambridge Centre for Alternative Finance data estimated that Kazakhstan’s implicit hash complaint publication (monthly average) was 24.8 exahashes per 2nd (Eh/s). Meanwhile, the US and China contributed 71 Eh/s and 39.6 Eh/s, respectively.

The International Energy Agency (IEA), which is co-funded by the European Union, highlighted Kazakhstan’s dense reliance connected non-renewable energy, specified arsenic lipid (over 50%), ember (28%) and earthy state (17%) until 2020. The survey revealed:

Most ember is utilized for energy and vigor generation, portion astir lipid is utilized by last consumers, peculiarly successful roadworthy transport.

However, the apical 3 countries contributing to the Bitcoin hash complaint proceed to devour distant the stock of different players, specified arsenic Malaysia, Germany and Iran. Kazakhstan was among the archetypal to invited the displaced Chinese miners erstwhile the Chinese authorities imposed a broad prohibition connected Bitcoin and crypto mining and trading.

China resumed mining operations successful September 2022, but the impermanent mining prohibition stripped the country’s presumption arsenic the biggest Bitcoin mining hub, placing the US astatine the apical ever since.

Related: Russian users are welcomed by crypto exchanges successful Kazakhstan, but there’s a catch

Local reports from Kazakhstan highlighted the country’s intent to legalize a mechanics for converting cryptocurrencies to fiat.

Speaking astatine the planetary forum Digital Bridge 2022, President Kassym-Jomart Tokayev shared his imaginativeness to marque Kazakhstan a person successful the tract of integer technology, cryptocurrency ecosystem and regulated mining.

“We are acceptable to spell further. If this fiscal instrumentality shows its further relevance and security, it volition surely person afloat ineligible recognition,” Tokayev stated.