Kazakhstan

Kazakhstan's Energy Ministry is redoubling its efforts to fight illegal cryptocurrency mining. This week, 13 illegal facilities with a total capacity of over 200 Wt were discovered and shut down.

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.

The government of Kazakhstan is discussing ways to build new power plants to generate additional energy. With this move, the country aims to support the cryptocurrency mining industry.

Kazakhstan does not have enough energy capacity to meet the needs of the crypto mining industry. For this reason, many of them are fleeing to Russia and the US.

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.

The Kazakhstan government is concerned about the growing number of underground cryptocurrency miners after restrictions were imposed in early October.

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.

A new law to institutionalize Bitcoin (BTC) and cryptocurrency mining will be dealt with in the House of Representatives of Kazakhstan.