Kazakhstan is now rated second in the world for Bitcoin mining hash rate.
According to a survey published by the Kazakhstan Data Center Industry & Blockchain Association, or NABDC, cryptocurrency mining might generate $ 1.5 billion in global revenue over the next five years. Digital mining operations currently generate around 98 billion tens ($ 230 million) per year in the country. According to the local capital newspaper.kz, NABDC President Alan Dordzhiev issued the following statement:
The tenge, worth $ 98 billion, is the outcome of lawfully owned mining businesses. This figure can be safely multiplied by two when considering the “gray” miners.
In this sense, “gray miners” refer to persons who carry out crypto mining businesses under dubious legal standing. To avoid possible power shortages, the organization has asked for tighter regulations to curb unlawful mining.
According to Dordzhiev, grey miners consume approximately 500 MW of electricity throughout the country. The Kazakh Ministry of Energy submitted a draught rule earlier this month to limit the amount of electricity consumed by the cryptocurrency mining business.
Kazakhstan accounted for 18.10 percent of the Bitcoin (BTC) mining rate, according to data from the University of Cambridge, making it the world’s second-largest after China stopped mining.
This places it only behind the United States’ 35.40 percent hash rate share and ahead of Russia’s 11.23 percent. Kazakhstan’s average cost of commercial-use power is $0.054 per kWh, far below the global average of $0.124 per kWh, owing to the country’s vast fossil fuel reserves.