After overcoming Russia in February 2021 to become the third-largest contributor to Bitcoin (BTC) mining, Kazakhstan has kept that position for more than a year.
Kazakhstan contributed 13.22% of the total Bitcoin hash rate as of January 2022, coming in third behind China (21.11%) and the US (37.84%), the two original pioneers. According to comparative timetables, Kazakhstan's absolute hash rate commitment (month-to-month average) was estimated to be 24.8 exahashes per second (Eh/s) by Cambridge Community for Elective Money information. Between those two points, the US and China each made a contribution of 71 and 39.6 Eh/s.
The heavy reliance Kazakhstan has until 2020 on non-environmentally friendly power sources including oil (more than half), coal (28%), and petroleum gas (17%) was highlighted by the Global Energy Office (IEA), which is co-financed by the European Association. Review findings included: "Most coal is used for electricity and heat generation, while most oil is used by final consumers, particularly in road transport."
When mining operations in China resumed in September 2022, the United States replaced China as the world's largest Bitcoin mining hub due to the temporary ban on mining. But the top three contributors to the Bitcoin hash rate are still eating away at the market share of other nations like Malaysia, Germany, and Iran.
When the Chinese government enacted a broad ban on Bitcoin and cryptocurrency mining and trading, Kazakhstan was one of the first countries to accept the displaced Chinese miners.
The People's Bank of China (PBoC) formally outlawed cryptocurrency transactions last year, according to Ding, but the Beijing No. 1 Intermediate Court rejected his claim on August 31 and said that the defendant owed Zhai the remaining sum of Litecoin.
Since the government declared a coordinated crackdown on cryptocurrency in September 2021, the most recent story provides another piece of evidence that cryptocurrency has not been completely suppressed in China. As previously stated, as of January 2022, China resumed its position as the second-largest source of Bitcoin hash rates.
As per local media, Kazakhstan wants to make a system for converting cryptocurrency to cash legal. President Kassym-Jomart Tokayev expressed his vision for making Kazakhstan a leader in the field of digital technology, the cryptocurrency ecosystem, and controlled mining during a speech at the international conference Digital Bridge 2022.
"We are ready to go further. If this financial instrument shows its further relevance and security, it will certainly receive full legal recognition," Tokayev said.
