The year 2022 started with a bearish trend for the entire cryptocurrency market. One bad news followed another, and all major cryptocurrencies suffered significant outflows. Meanwhile, the emerging NFT market is experiencing unprecedented growth.
Authorities in the city of Karaganda in Kazakhstan have discovered and liquidated a shadow mining farm that was illegally consuming electricity. The increasing activity of shadow miners could lead the country to ban the industry, following China's example.
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.
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.