Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Kazakhstan looks toward nuclear solutions to tackle Bitcoin mining energy crunch

CryptocurrencyNov 25, 2021 02:30PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Kazakhstan looks toward nuclear solutions to tackle Bitcoin mining energy crunch

The migration of Bitcoin miners from China into Kazakhstan has caused an energy crunch in the Central Asian country. Interestingly, the president is looking to use nuclear energy to solve the problem.

Kazakhstan’s Ministry of Energy suggests that Bitcoin miners are responsible for the 8% increase in domestic electricity consumption throughout 2021. According to data from the Financial Times, the Asian nation has received not less than 87,849 Bitcoin mining machines from Chinese companies this year following China’s crackdown on crypto mining.

The Kazakhstan Electricity Grid Operating Company opined that the remarkable increase in demand has led to a deficit in the domestic power supply, which equally led to unreliable electricity services.

Kazakh President Tokayev told bankers at a Nov. 19 meeting that he believes the creation of a nuclear power plant will help reduce the load on his country’s electrical infrastructure.

Looking into the future, we will have to make an unpopular decision about the construction of a nuclear power plant.
While Tokayev insists on distancing his proposal from Bitcoin mining power use, the estimated $1.58 billion in tax revenue those miners generate may be in jeopardy if miners begin to exit the region.

Power shortages have already made Bitcoin mining marketplace Xive to leave Kazakhstan. Didar Bekbau, the co-founder of Xive, stated in a tweet that he had to close his company’s mining farm due to “restricted electricity supply from the grid.”

Kazakhstan currently plays host to 50 registered crypto mining companies, with several unregistered ones. The country, which has suffered severe nuclear fallout from weapons testing during Soviet occupation, is serious about building new nuclear power plants. Kazakhstan’s last nuclear power plant stopped functioning in 1999.

Right now, about 88% of Kazakhstan’s power is generated from fossil fuel-burning power plants, and the government is trying its best to remedy that.

Continue reading on BTC Peers

Kazakhstan looks toward nuclear solutions to tackle Bitcoin mining energy crunch
 

Related Articles

Metahero Holders Joining Bitrise Coin Everyday
Metahero Holders Joining Bitrise Coin Everyday By CoinQuora - Dec 05, 2021

Metahero is one of the biggest projects in the Metaverse industry today. The gaming project is attracting thousands of gamers as well as crypto investors. But the Metahero...

Top 10 Crypto Discord Servers to Join
Top 10 Crypto Discord Servers to Join By DailyCoin - Dec 05, 2021

Accessible, timely information has proven to be one of the most sought-after assets in the crypto industry. Social media has been a blessing for traders and crypto...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email