Global Bitcoin's Second Largest Mining Power | Kazakhstan: Mining Economy to Exceed $1.5 Billion in 5 Years

Since China has completely banned Bitcoin mining, miners have been fleeing to various countries around the world. Currently, Kazakhstan has become the second largest country in terms of global mining power. Kazakhstan is expected to reach a cryptocurrency mining economy of $1.5 billion within five years.

Since China banned Bitcoin mining nationwide, miners have been leaving for various countries around the world, with Kazakhstan currently becoming the second largest country in terms of global mining power. Kazakhstan is expected to have a cryptocurrency mining economy worth $1.5 billion within the next five years.

According to a report, a report from the Kazakhstan Data Center Industry and Blockchain Association NABDC stated that cryptocurrency mining will bring in $1.5 billion in revenue to Kazakhstan over the next five years. Currently, mining activities generate about 980 billion Kazakhstani tenge (approximately $2.3 billion) annually in the country. NABDC Chairman Alan Dordzhiev stated:

"The 980 billion Kazakhstani tenge is just the official economic effect of mining companies. If we consider the 'grey' miners, this number can safely be multiplied by 2."

Grey miners refer to individuals engaged in cryptocurrency mining activities, which are often more controversial from a legal standpoint. The association has called for increased regulation to combat illegal mining and prevent potential power shortages.

It is estimated that grey area miners in Kazakhstan consume approximately 500 megawatts of electricity, prompting the Kazakh Ministry of Energy to propose a draft order in early October to limit the electricity consumption of the cryptocurrency mining industry.

According to data from the University of Cambridge data, since China cracked down on mining activities, Kazakhstan has contributed 18.1% of the global Bitcoin mining hash rate, ranking second in the world, behind only the United States at 35.4% and ahead of Russia at 11.23%.

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