New paradise for Bitcoin mining

Kazakhstan appears to be moving towards a healthy coexistence with Bitcoin (BTC) mining, and this activity in the region has increased significantly since May. The government stated that miners who comply with the law will not be affected by power restrictions and disconnections.

This is particularly important because China's ban on activities has led to a massive outflow of BTC miners, and the Asian country has a global hash rate of 18%.

During the meeting between Kazakhstan's Minister of Electricity Magzum Mirzagaliev and representatives of the cryptocurrency industry, government officials recognized the "enormous potential of the blockchain industry" and believed that it was necessary.

In that country, gray miners are the main operators who hide the real electricity consumption of mining, they settle on farms in places where the growth of energy use is unpredictable, such as towns in the south of the country. According to the law, these companies must register with the government and legalize their business before they can continue to operate.

The meeting and support for Bitcoin miners in Kazakhstan took place a few days after the Senate passed a bill regulating this activity and all activities related to cryptocurrencies under the guise of financial crimes.

For the defender of the project Olga Perepechina (Olga Perepechina) deputy, those who issue, organize transactions of digital assets and convert them into legal tender, the securities and other properties are not subject to financial supervision, which can lead to money laundering and financing. terrorism.

Consequence

The regulations and accolades received by the Bitcoin mining industry are predictable. In May, China struck the market again, banning all activities related to cryptocurrency mining. The book of Exodus begins.

Companies and individuals involved in this trade began to leave China, and China promised to impose sanctions on those who operate in its territory. Two countries are destinations: the United States and Kazakhstan.

Kazakhstan is currently the second country in the world with the highest extraction or hash rate; according to Chainalysis, it represents 18% of the total global activity.

Therefore, in the face of some contradictory views among the large Kazakh countries, over time, how the industry develops is a matter of waiting and expression. Of course, lobbyists have been found in Asian countries.