CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • Fund
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$35,792.00
  • ethereum
    ETH$1,238.42
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    Home » Crypto News » Kazakhstan To Raise Over $700 Million For Cryptocurrency Mining

    Kazakhstan To Raise Over $700 Million For Cryptocurrency Mining

    Author: Jordan Lyanchev

    Last Updated Sep 2, 2020 @ 09:24

    Kazakhstan could boost its Bitcoin mining endeavors with a massive investment of over $700 million for the crypto mining sector.

    Kazakhstan’s new Digital Development Minister, Bagdat Mussin, has reportedly asserted that the country is already in talks to attract a significant investment worth over $700 million to expand the cryptocurrency mining sector in the Central Asian nation.

    Kazakhstan Aims For $700M Investment For Crypto Mining

    The plans for attracting 300 billion tenges ($715 million) of investments in the cryptocurrency mining field were initially revealed in a Senate hearing in mid-June.

    The former Minister of Digital Development, Innovation, and Aerospace Industry Askar Zhumagaliyev explained that the government concluded that cryptocurrency mining is a “part of our everyday lives,” after studying other nations such as the US, and South Korea,

    At the time, Kazakhstan already had 14 cryptocurrency mining farms, which had attracted about $200 million of investments in a few years. Consequently, he urged the country to double-down on its mining endeavors.

    Earlier today, Reuters reported that the recently appointed new Minister Bagdat Mussin is already “in talks” to increase the massive investment to over $700 million. He said that “today we have preliminary agreements on attracting investments worth 300 billion tenges,” and revealed that the country is currently constructing four more mining farms.

    In an attempt to further boost the profits from cryptocurrency mining within the nation’s borders, the Central Asian country also introduced plans to impose a flat 15% tax on the sector.

    Kazakhstan's Capital-Nur Sultan (formerly known as Astana). Source: AstanaTimes
    Kazakhstan’s Capital Nur-Sultan (formerly known as Astana). Source: AstanaTimes

    Can Kazakhstan Enter Top 3 BTC Mining Countries?

    Data provided from the Cambridge University’s BTC mining tracking tool,The Bitcoin Mining Map, indicates that Kazakhstan is already responsible for a substantial portion of Bitcoin’s global hash rate.

    The country is currently fourth on the list with over 6% of the hash rate, trailing only to the unchallenged leader China (65%), the United States (7.2%), and Russia (6.9%).

    Global Bitcoin Hash Rate. Source: Cambridge University
    Global Bitcoin Hash Rate. Source: Cambridge University

    Should the notable investment of $700 million in cryptocurrency mining succeed over the next three years, Kazakhstan may indeed head towards a spot in the top 3.

    Moreover, another report from earlier this year claimed that the growing electricity bills in China are driving miners to seek other destinations. Apart from the US, Kazakhstan, which shares a border to the west with China, had also benefited. Adding the much cheaper electricity in the Central Asian country, the hash rate emanating from within Kazakhstan has skyrocketed by 334% in a year.

    Enjoy reading? Please share:
    Facebook Twitter LinkedIn Telegram
    SPECIAL OFFER (Sponsored)
    Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

    PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

    You Might Also Like:

    • paypal_crypto_bitcoin-min
      The Good and The Bad About Cryptocurrency on PayPal
    • Russia
      Russia Can Legalize Bitcoin Mining But There's a Catch
    • russia_dark_cover
      Russia Seeks Imprisonment for Undeclared Bitcoin and Cryptocurrency Transactions
    Read more on: Bitcoin Mining

    About The Author

    Jordan Lyanchev View more posts by this author

    Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

  • bitcoin
    BTC$35,792.00
  • ethereum
    ETH$1,238.42
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    ADVERTISEMENT
    binance
    Bitcoin Editorials
    Ethereum 2.0 Staking on Exchange vs. Creating Your Node: What You Need to Know

    Ethereum 2.0 Staking on Exchange vs. Creating Your Node: What You Need to Know

    5 Possible Reasons For Bitcoin’s Price Surge Over $30,000

    5 Possible Reasons For Bitcoin’s Price Surge Over $30,000

    2020 Year In Review: Bitcoin’s Journey From $3800 To Nearly $30K

    2020 Year In Review: Bitcoin’s Journey From $3800 To Nearly $30K

    6 Reasons For The Ongoing Bitcoin Bull-Run Beyond $20K

    6 Reasons For The Ongoing Bitcoin Bull-Run Beyond $20K

    Is Blockchain The Answer To COVID-19 Led Misinformation and Rumor Mongering?

    Is Blockchain The Answer To COVID-19 Led Misinformation and Rumor Mongering?

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    About
    Advertise on CryptoPotato
    About Us | Contact Us

    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Cannabis Stocks News | Market Analysis
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!