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January 23, 2022
Mining

Kazakhstan could turn to nuclear power to keep its Bitcoin mining industry running

Bybit

As per Nikkei Asia, Kazakhstan’s president Kassym-Jomart Tokayev has advised constructing a nuclear plant to maintain Bitcoin mining in a bid to assist the worthwhile crypto mining actions within the nation 

“Looking into the future, we will have to make an unpopular decision about the construction of a nuclear power plant,” stated Tokayev in a bankers assembly held in Almaty final Friday.

Tokayev first mentioned the thought of constructing a nuclear power plant with Russia’s President Vladimir Putin in April 2019. However, the thought could not be acknowledged following the heavy criticism that it acquired again then. 

The critics have been fast to reply, referring to the nuclear plant concept as an “ecological disaster” within the making. Despite rising unease amongst Kazakh’s residents, President Tokayev is eager on pursuing the thought and have addressed the apprehension of residents relating to setting up a nuclear plant as “inappropriate” 

Kazakhstan’s looming power disaster

Kazakhstan boasts low-cost electrical energy costs which have remodeled the nation into a well-liked crypto mining spot. When China imposed a heavy crackdown on Bitcoin mining actions in its nation, a big group of ousted miners took refuge in Kazakhstan, the place they could mine crypto with out extreme authorities intervention and could make use of its simply accessible and low cost electrical energy to mine Bitcoin. 

To gasoline the rising demand for Bitcoin mining, the nation’s power provide had to double over to accommodate such a big inflow of crypto miners.  

According to Cambridge Bitcoin Electricity Consumption Index’s IP data, Kazakhstan controls roughly 35% of Bitcoin mining power, which is second to that of the United States. 

Due to this sudden enhance in crypto mining actions in Kazakhstan, the nation is now dealing with a heavy power disaster the place its residents at the moment are experiencing frequent power outbreaks. 

Posted In: Bitcoin, Mining
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