Kazakhstan to Build Power Plants to Retain the Leadership in Cryptocurrency MiningDecember 30, 2021
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.
As previously reported by CoinIdol, a world blockchain news outlet, Kazakhstan has seen a significant influx of crypto miners from China after the communist republic cracked down on the industry. This has made the country one of the industry leaders.
On the other hand, the increase in crypto-mining facilities led to an increase in energy consumption, resulting in an energy deficit. As it turned out, Kazakhstan was not generating enough energy to meet the demand, so its citizens were at risk of power outages.
Solving the problem
So far, the country’s Energy Ministry has tried to make up for the energy deficit with the help of electricity channels from Russia. In addition, the authorities have decided to limit energy consumption for cryptocurrency miners. This has led to them fleeing Kazakhstan in search of more favorable conditions.
In order to maintain its leadership position in the industry, the government has decided to reconsider its stance on crypto mining. Instead of restricting energy consumption, it is now looking for ways to increase the country’s energy potential. After calculating energy production and consumption until 2035, Energy Minister Magzum Mirzagaliev announced that they would consider building additional capacity to increase energy supply.
Currently, the government is considering possible sites for the construction of additional power plants. However, the final decision is yet to be made. On the other hand, the mere fact that the country wants to support the cryptocurrency industry seems quite encouraging.
Source: Read Full Article