Due to the growing volume of cryptocurrency mining, Kazakhstan could suffer from energy shortages for its citizens. To counter this, the country's energy ministry has set consumption limits for miners.
Ukrainian police have uncovered an illegal mining farm in the city of Kryvyi Rih. The farm was operated by a 32-year-old citizen in an ordinary flat. The operator is currently under arrest while the amount of damage is being investigated.
Governments are continuously recognizing cryptocurrency activities, including mining, through liberal legislation. Until recently, the surplus power was wasted. But some countries now want to use it for mining digital currencies.
Energy consumption in mining cryptocurrencies is a problem for most countries in the world. Countries are looking for energy efficient ways to produce cryptocurrency. However, some of them are doing the opposite and cracking down on miners of digital currencies.
As the saying goes "one man's trash is another man's treasure", China has kicked out 90% of Bitcoin miners, but the rest of the world seems to be benefiting from the move. Kazakhstan is now reaping the benefits of crypto miners fleeing China, while Beijing continues to lose revenue and vital technology.
Interested in mining but don't want to rack your brains over equipment maintenance? Expensive equipment and high electricity prices made regular home mining unprofitable. But there is a solution to this problem - investment cloud mining.