Kazakhstan is seeking $714 million in investment for cryptocurrency mining farms, with talks already underway, according to a Reuters report published on September 2.
- Digital Development Minister Bagdat Mussin announced the news on Wednesday
- Mussin said that $190 million had already been invested, with 13 mining farms already operational
- Kazakhstan’s electricity costs are low, while oil is a pillar of its economy, making the country an efficient spot for mining farms
- In August 2020, mining facility operator Enegix said that they would build one of the biggest Bitcoin mining farms in the city of Ekibastuz, with a capacity of 50,000 mining rigs
- The country allows mining of asset-backed cryptocurrencies, but not unsecured ones like Bitcoin
- However, Kazakhstan is ranked 4th in the world when it comes to Bitcoin hashrate distribution power, responsible for 6.17% of the network’s hashrate