Kazakhstan Aggressively Seeks Investments in Cryptocurrency Mining Farms

By Abhimanyu Krishnan | News | 3 Sep 2020

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

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Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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