For more than a year, the oil-rich Central Asian country Kazakhstan has maintained its position as the third largest contributor to Bitcoin (BTC) mining after overtaking Russia in February 2021.
As of January 2022, Kazakhstan contributed 13. 22% of Bitcoin’s overall hash rate, rating only the former leaders of the United States (37. 84%) and China (21. 11%), as shown below.
In similar time periods, data from the Cambridge Centre for Alternative Finance estimated that the absolute contribution of Kazakhstan’s hash rate (monthly average) was 24. 8 exhashes per moment (Eh/s). Meanwhile, the United States and China provided 71 EH/s and 39. 6 EH/s, respectively.
The International Energy Agency (IEA), which is co-financed through the European Union, highlighted Kazakhstan’s increased dependence on non-renewable energies, such as oil (more than 50%), coal (28%) and herbal fuel (17%). until 2020. Those found:
However, the 3 most sensible countries that contribute to Bitcoin’s hash rate continue to nibble on the percentage of other players, such as Malaysia, Germany, and Iran. Kazakhstan is among the first to take in displaced Chinese miners when the Chinese government imposed a ban on Bitcoin and crypto mining and trading.
China resumed mining operations in September 2022, but the transitory ban on mining eliminated the country’s position as Bitcoin’s largest mining hub, putting the U. S. in the U. S. in the U. S. The U. S. has been in the most sensible place since.
Related: Russian users welcome crypto exchanges in Kazakhstan, but there’s a catch
Local reports from Kazakhstan have highlighted the country’s goal of legalizing a mechanism for cryptocurrencies in fiat.
Speaking at the International Digital Bridge Forum 2022, President Kassym-Jomart Tokayev shared his desire to make Kazakhstan a leader in the field of virtual technology, cryptocurrency ecosystem and regulated mining.
“We are in a position to make further progress. If this monetary tool shows its greatest relevance and security, it will indeed get full legal recognition,” Tokayev said.