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Cryptomining Agencies in Kazakhstan Ready to Invest in Renewable Energy to Avoid Electricity Restrictions

Cryptomining agencies in Kazakhstan said that they are prepared to invest in renewable energy projects. If this is true, the electricity consumption in the Central Asian country would be greatly reduced. 

(Photo : Photo by STR/AFP via Getty Images)

TOPSHOT – This photo taken on March 31, 2021 shows workers transferring cryptocurrency mining rigs at a cryptocurrency farm which includes more than 3,000 mining rigs in Dujiangyan in China’s southwestern Sichuan province. – China OUT (Photo by STR / AFP) / China OUT

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As of the moment, many countries are concerned about the consequences of massive crypto mining activities. Recently, China announced that it officially banned mining digital coins. 

On the other hand, Kazakhstan also previously said that government officials planned to restrict these crypto miners because of possible power outages. 

Right now, crypto mining uses a lot of electrical power just to extract Bitcoin and other popular digital coins. On the other hand, SoC shortages are also believed to be linked to these blockchain activities.

Cryptominers in Kazakhstan to Invest in Renewable Energy 

According to CoinDesk, the source which translated the latest press release of Kazakhstan’s ministry explained that the Central Asian nation is now considering allowing crypto miners to do their thing, as long as it doesn’t affect the country’s national power grid. 

(Photo : Photo by OZAN KOSE/AFP via Getty Images)

Physical imitation of Bitcoins are pictured at a cryptocurrency exchange branch near the Grand Bazaar in Istanbul on October 20, 2021, a day after Bitcoin took another step closer to mainstream investing with the launch of a new security on Wall Street tied to futures of the cryptocurrency. (Photo by Ozan KOSE / AFP)

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This detail was confirmed during a meeting, which includes Kazakhstan’s Minister of Energy Magzum Mirzagaliyev, on Wednesday, Nov. 10. 

The country’s energy department estimated that the rising crypto industry would bring around $1.16 billion in the next five years. Blockchain miners also said that they are willing to make efforts to reduce their electricity consumption. 

Datacenter, together with crypto mining associations, said that they would import electricity and invest in renewable energy as well.

Right now, many companies, as well as residents, are accepting the use of cryptocurrencies. Recently, we reported that the new NYC mayor wants crypto to be a part of the educational system. 

If you are also planning to personally invest in cryptocurrencies, you can visit these top 5 best cryptocurrency exchanges in 2021.  

Does Cryptomining Consume a Lot of Electricity? 

Business Insider recently reported that crypto mining consumes a lot of electricity. For example, Bitcoin (BTC) consumes almost 91 terawatt-hours of electrical power every year. 

On the other hand, experts estimated that around 0.5% of the world’s electricity consumption is under crypto mining. You can click this link to see more details. 

For more news updates about crypto mining and other related topics, always keep your tabs open here at TechTimes.  

This article is owned by TechTimes

Written by: Griffin Davis

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