Kazakhstan in the top 3 destinations for Bitcoin mining

Kazakhstan has become a popular country for Bitcoin (BTC) miners. As a result, the country is now in third place worldwide in terms of Bitcoin Miners. The country has been able to defend its third place for about a year now.

Only the US and China above Kazakhstan

As of January this year, Kazakhstan contributes over 13% (13.22%) of the total Bitcoin hash rate. Only the United States (US) and China are still above Kazakhstan. They represent 37.84% and 21.11% of the total Bitcoin hash rate respectively.

Converted to exahashs per second, Kazakhstan would represent approximately 24.8 exahashes per second (EH/s), according to the Cambridge Center for Alternative Finance. The US and China contribute 71 EH/s and 39.6 EH/s respectively to this hash rate.

Dependent on non-renewable energy

It is worth noting that Kazakhstan is largely dependent on non-renewable energy, such as oil, coal and natural gas until 2020. This has been investigated by the European Union (EU). The investigation revealed the following:

Most coal is used for electricity and heat generation, while most oil is used by end users, especially in road transport.

Kazakhstan big plans in the field of crypto

It is not entirely unexpected that Kazakhstan has become popular. Earlier, the Chinese government decided to impose a general ban on Bitcoin, crypto mining and trading. Since then, Kazakhstan has been very open towards crypto miners. In fact, the country was one of the first to welcome miners after the ban.

Mining activities in China resumed in September this year, but the country has suffered a lot due to the temporary crypto ban. It is no longer the crypto mining hub it used to be. The country is now even overtaken by the US in this area.

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The country could even be overtaken by Kazakhstan as they seek to implement a mechanism that will officially legalize the conversion of cryptos to fiat currencies. The country’s president has also shared his vision to make Kazakhstan a leader in digital technology, the crypto ecosystem and regulated crypto mining. In closing, he said the following:

We are ready to move on. If this financial instrument demonstrates its continued relevance and security, it will surely gain full legal recognition.

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