Kazakhstan’s crypto boom is straining its coal-powered energy grid. The Central Asian nation has become the world's second-biggest bitcoin mining location after the United States, according to experts
The Central Asian nation of 19 million has become the world's second-biggest bitcoin mining location after the United States in recent months, according to the Cambridge Centre for Alternative Finance.
While some people see crypto as the way to a quick fortune, many governments fear that privately operated highly volatile digital currencies could undermine their control of monetary systems, promote financial crime and hurt investors. China last month banned all cryptoCrypto mining, the energy-intensive computing process through which bitcoin and other tokens are created, is seen by many as hurting global environmental goals.
Some "grey" miners say they are considering going "white", but are unsure about how heavily they may be taxed. Tax code amendments passed in June provide for a tax of 1 tenge per kilowatt-hour, but there are also proposals to make miners pay more for energy. "What we have in Kazakhstan is heavy reliance on coal with very low prices ... But this creates very big problems in meeting the obligations that Kazakhstan has taken on with regards to making the economy greener."
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