TechTimes - Crypto Miners are Moving Out of Kazakhstan Due to Electricity Shortage
“Some crypto miners are moving out of Kazakhstan and transferring to countries like Russia and the United States due to the electricity shortage in the Asian country, according to the co-founder of a crypto mining firm called Xive.
Xive itself has announced that it will be moving out of southern Kazakhstan, but the announcement has not made clear if the firm will be moving to another part of the country or not.
Kazakhstan is the second-largest crypto mining country in the whole world after the United States. It has generally welcomed crypto miners into the country, especially those who left China after crypto was considered illegal there.
However, the energy shortages in Kazakhstan have been blamed on crypto mining, which contributed to the surge in demand for power in the Asian nation.
There are crypto miners who are moving out of Kazakhstan due to the country's electricity shortage problems, according to the co-founder of a crypto mining firm called Xive.
According to a report by Fortune, Didar Bekbau announced in a tweet posted on his personal Twitter account that his crypto mining firm is moving out of southern Kazakhstan.
The Fortune report says that Bekbau pointed to electricity shortages as well as ‘a national grid that makes it hard to transfer power from energy-rich areas in the north to more energy scarce regions in the south’ as the reasons why that area of the country is no longer ideal for crypto mining.
Bekbau has also claimed that some crypto mining firms in Asian countries are moving to places like Russia and the United States with more consistent electricity.
The government of Kazakhstan has generally welcomed the crypto miners into the country, but the increase has strained Kazakhstan's energy supply.
Per Fortune, the country's lawmakers have blamed the electricity shortages on crypto mining. Kazakhstan's energy minister, Murat Zhurebekov, said it created an 8% surge in demand for energy.
The government has since encouraged crypto mining firms ‘to develop independent renewable energy capacity,’ according to the report by CoinDesk.”
My thoughts: The grass isn't always greener so who knows where they will end up. I don’t think that the Kazakhstan government’s suggestion to develop a renewable energy source will be heeded.