Jul 1, 2022

Kazakhstan earns $ 230 million annually from cryptocurrency mining

Cryptocurrency mining brings Kazakhstan ₸ 98 billion (~ $ 230 million) annually. This was stated in an interview with Forbes.kz by the head of National Association of Blockchain and Data Center Industry of the Republic of Kazakhstan Alan Dordzhiev.

According to him, the declared values ​​take into accountonly official miners. If we take into account the “gray” cryptocurrency miners, then the amount “can be safely multiplied by two,” says Dordzhiev. It is also reported that the Kazakh energy company KEGOC receives from miners ~ $ 30.4 million a year only for the transportation of electricity through its networks.

“If we talk only about the“ white ”market players, thendata centers receive about $ 310 million a year for their services, $ 200 million of which is spent on purchasing electricity from the state. This is about 85 billion tenge at the current exchange rate and the equivalent of mining and transportation of 1.2 million tons of coal, ”Dordzhiev added.

At the same time, Dordzhiev warned local authorities againstregulatory sanctions for the cryptocurrency mining market. He argues that the restrictions on the amount of electricity consumed will not only "nullify many years of efforts to attract foreign investors", but also "affect the actual flow of money into the economy of Kazakhstan."

Kazakhstan ranked second in the hashrate listthe bitcoin network is second only to the United States. The republic has become a haven for Chinese miners, against whom the Beijing authorities have launched large-scale repression. Russia ranked third in the network hashrate rating.

In early August in the Russian blockchain associationRACIB announced plans to attract global miners to Russia. However, since then, not a single major player in the mining market has officially appeared on the territory of the country.

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