Kazakhstan goes to war with miners. Those from China came and took too much

After the increasingly common blockades of cryptocurrency farms in China, miners affected by this law had to save their investments in other countries. An example of this is Kazakhstan, where registered miners get on their toes. According to Financial Times their access to electricity will be significantly limited.

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1 Registered miners in Kazakhstan will get hit. The reason is those illegal from China

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Registered miners in Kazakhstan will get hit. The reason is those illegal from China

In September 2020, the Chinese central bank announced that all cryptocurrency-backed transactions are illegal in specific provinces due to national concerns about “the safety of human assets.” This meant that, according to the aforementioned website, more than 87,849 “miners” came from China to Kazakhstan, which reportedly immediately put the country in second place (behind the US) in terms of cryptocurrency mining.

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As a result, the electricity management company Kazakhstan Electricity Grid Operating Company (KEGOC) informed 50 owners of registered cryptocurrency farms that it would start rationing their access to electricity. All this to avoid repeated power cuts.

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According to the government, the energy crisis is caused by an increase in the number of “gray miners” who illegally mine cryptocurrencies and who, since the beginning of 2021, have increased the demand for electricity throughout the country by 8%. Until now, the annual increases have been as low as 1/2 percent.