• Latest
  • Trending
Bitcoin Network Regrows Almost Completely, Kazakhstan Facing Electricity Shortages Due to Crypto Mining

Bitcoin Network Regrows Almost Completely, Kazakhstan Facing Electricity Shortages Due to Crypto Mining

October 4, 2021
Uphold Enters XRP Custody Scene, Here’s What This Means

Uphold Enters XRP Custody Scene, Here’s What This Means

December 10, 2023
LINK Price Breaks Above $15 With 33% Rally

On-Chain Data Reveals Dogecoin Has Broken All Major Resistance

December 10, 2023
UK FCA crypto skills gap is causing slow enforcement, says National Audit Office

UK FCA crypto skills gap is causing slow enforcement, says National Audit Office

December 10, 2023
Elon Musk Has Important Message for Cryptocurrency Holders

Elon Musk Has Important Message for Cryptocurrency Holders

December 10, 2023
How To Mine Bitcoin And Crypto

How To Mine Bitcoin And Crypto

December 10, 2023
US gov’t removes two crypto AML rules from national defense bill

US gov’t removes two crypto AML rules from national defense bill

December 9, 2023
Cardano Founder Says He and 50 Cent in ‘Same Club’ Now, Here’s His Message

Cardano Founder Says He and 50 Cent in ‘Same Club’ Now, Here’s His Message

December 9, 2023
What Is A DAO

What Is A DAO

December 9, 2023
DOJ unveils extensive monitorship over Binance operations

DOJ unveils extensive monitorship over Binance operations

December 9, 2023
  • Privacy Policy
Sunday, December 10, 2023
Mount Rushmore Crypto
  • Home
  • Top News
  • Crypto
  • Crypto Technical Analysis
  • About Us
  • Crypto Vouchers
  • Cryptocurrency and ANKR Price Prediction
  • Cosmos cryptocurrency price prediction
No Result
View All Result
  • Home
  • Top News
  • Crypto
  • Crypto Technical Analysis
  • About Us
  • Crypto Vouchers
  • Cryptocurrency and ANKR Price Prediction
  • Cosmos cryptocurrency price prediction
No Result
View All Result
Mount Rushmore Crypto
No Result
View All Result
Home Crypto Technical Analysis

Bitcoin Network Regrows Almost Completely, Kazakhstan Facing Electricity Shortages Due to Crypto Mining

J_News by J_News
October 4, 2021
in Crypto Technical Analysis, Top News
0
Bitcoin Network Regrows Almost Completely, Kazakhstan Facing Electricity Shortages Due to Crypto Mining
0
SHARES
3
VIEWS
Share on FacebookShare on Twitter


Bitcoin Mining

Bitcoin Network Regrows Almost Completely, Kazakhstan Facing Electricity Shortages Due to Crypto Mining

Kazakhstan, which accounts for the third-largest Bitcoin mining hash rate share after seeing a 6x spike in its share between Sept. 2019 and April 2021, is considering measures like surcharge and limiting energy use while Kyrgyzstan has already increased electricity tariffs for crypto miners.

Much like the price of Bitcoin, which is trading around $46,700, up 64% from the May 19 low of about $28,500, the hash rate of the largest network is making a strong recovery.

After China’s ban on crypto mining, the hash rate of Bitcoin had fallen by 66% from 197.6 Th/s all-time high in mid-May. After bottoming out in late June, the hash rate has been slowly recovering and is now up 134% since then to be at 160 Th/s, a level mostly seen between February and April.

This recovery represents miners continuing to come back online while the People’s Bank of China takes an even more strengthened regulatory stance against crypto.

I am shocked at how robust the Bitcoin network is.

Bitcoin hash rate just hit April highs.

A year ago, 60% of the network was in China.
In May, the Bitcoin network had its legs and arms cut off.

They completely regrew in just 6 months. pic.twitter.com/zwOK635tuC

— Charles Edwards (@caprioleio) October 3, 2021

Amidst all this, Kazakhstan is facing electricity shortages, and the government is blaming cryptocurrency mining.

In 2021, electricity consumption in the country has surged by 7% compared to last year, a government official revealed at a press conference, based on numbers released by the grid operator KEGOC.

The University of Cambridge had noted in a study this year that Kazakhstan’s share in the global bItcoin mining has increased six times in less than two years to capture the third-largest bitcoin hash rate.

“An energy-rich country located in Central Asia, it has seen its share rise from a mere 1.4% in September 2019 to 8.2% in April 2021,” said the report.

While China’s share of total Bitcoin mining power declined from 75.5% in September 2019 to 46% in April 2021 during the same period, the US’s share of the total Bitcoin hash rate increased from 4.1% to 16.8%, which sits at second place. The Russian Federation accounts for 6.8% share and Iran at 4.6%, claim fourth and fifth place respectively.

According to Energy Minister Magzum Mirzagaliev, this spike in demand is due to a growing number of data centers for crypto mining, who told local media that “this is a very big increase.”

“We need to make a number of decisions. First, we must be able to ensure that system operators have the right to limit or reduce the consumption primarily of mining data centers at a time when there may be a shortage of electricity.”

Mirzagaliev then went on to insist that Kazakhstan needs to develop its crypto mining sector. The head of the Ministry of Energy said there are “very good opportunities” for the industry, highlighting the country’s potential to expand the use of renewable energy.

Back in July, the government had decided to introduce a surcharge for the electricity used by miners. Other measures to deal with power shortages caused by miners include limiting the electricity consumption of existing mining data centers and suspending the connection of new crypto farms to the grid.

The government of Kyrgyzstan has already revised its electricity tariffs for crypto miners to “ensure the stable and reliable functioning of the energy sector.” But crypto mining entities are not the only ones affected; rather, they are just one of the 14 groups that include those in the gold mining industry and producers of alcoholic beverages.

With a 12.5% increase in the rates, crypto miners will pay a 2.52 Kyrgyzstani som (less than $0.03).

Last year, the Ministry of Economics also proposed a 15% tax on the cost of electricity consumed to mine crypto, and the draft law further required those companies to apply for registration to operate legally in the country.

Bitcoin/USD BTCUSD

47,662.1383-$166.82-0.35%

  • Volume 29.76 b
  • Change -$166.82
  • Open$47,662.1383
  • Circulating 18.83 m
  • Market Cap 897.69 b

AnTy

AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.





Source link

Related articles

Uphold Enters XRP Custody Scene, Here’s What This Means

Uphold Enters XRP Custody Scene, Here’s What This Means

December 10, 2023
LINK Price Breaks Above $15 With 33% Rally

On-Chain Data Reveals Dogecoin Has Broken All Major Resistance

December 10, 2023
ShareTweetShareShare
Previous Post

Crypto News Roundup for Oct. 4, 2021

Next Post

All-in: Kraken Partners With Triton, the World’s Most Prestigious Poker Brand

Related Posts

Uphold Enters XRP Custody Scene, Here’s What This Means

Uphold Enters XRP Custody Scene, Here’s What This Means

by J_News
December 10, 2023
0

Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views...

LINK Price Breaks Above $15 With 33% Rally

On-Chain Data Reveals Dogecoin Has Broken All Major Resistance

by J_News
December 10, 2023
0

The price of Dogecoin has sometimes struggled this year, but the meme token has been on such a great run...

UK FCA crypto skills gap is causing slow enforcement, says National Audit Office

UK FCA crypto skills gap is causing slow enforcement, says National Audit Office

by J_News
December 10, 2023
0

The National Audit Office (NAO) in the United Kingdom has raised concerns about the effectiveness of the Financial Conduct Authority...

Elon Musk Has Important Message for Cryptocurrency Holders

Elon Musk Has Important Message for Cryptocurrency Holders

by J_News
December 10, 2023
0

"Not your keys, not your wallet" is probably one of the most important rules of the cryptocurrency industry that investors...

How To Mine Bitcoin And Crypto

How To Mine Bitcoin And Crypto

by J_News
December 10, 2023
0

Mining Bitcoin is the cornerstone of the BTC network, providing both security and new Bitcoins into circulation. This essential process...

Load More

Enter your email address:

Delivered by FeedBurner

Quick Navigate

  • Home
  • Crypto
  • Crypto Technical Analysis
  • Top News
  • Thank You
  • Store
  • Crypto Vouchers
  • About Us
  • What Cryptocurrency Is and ANKR Price Prediction
  • Cosmos cryptocurrency price prediction

Top News

CCAIT (Chatcrypto Token) an AI based crypto token soars to $0.1 price, Increase 100X within 24 hours of launch in Dex Pancakeswap

Ethereum Insider To Expose ETH Founders’ Fraud In Weeks

Solana price hits 17-month high above $54: What next for SOL?

© 2021 mtrushmorecrypto - Crypto Related News Blog

No Result
View All Result
  • Home
  • Top News
  • Crypto
  • Crypto Technical Analysis
  • About Us
  • Crypto Vouchers
  • Cryptocurrency and ANKR Price Prediction
  • Cosmos cryptocurrency price prediction

© 2021 mtrushmorecrypto - Crypto Related News Blog

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Cookie SettingsAccept
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT