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Crypto Mining

Kazakhstan eyeing $1.5B profit from Crypto Mining within five years

Kazakhstan is projected to reap as much as $1.5 billion from crypto mining and other related economic activities in the next five years – and there could be more in the offering.

According to Kazakhstan’s National Association of Blockchain and Data Center Industry (NABDC), “official” crypto mining activities contribute 98 million Tenge ($230 million) to the country’s economy annually.

NABDC’s president Alan Dordzhiev believes that the figure will be more if illegal miners are accounted for.

“The figure of 98 billion tenge is just an economic effect from companies that are officially involved in mining. If we take into account the “gray” miners, then this figure can be safely multiplied by 2.” Said Alan Dordzhiev

“If we talk only about the“ white ”market players, the data centers receive about $ 310 million a year for their services, 200 of which are spent on buying electricity from the state. This is about 85 billion tenge at the current exchange rate and the equivalent of mining and transportation of 1.2 million tons of coal, ” he added.

Crypto mining
New centre of Astana capital city of Kazakhstan with landmark Baiterek tower at sunset

Kazakhstan is currently the second-ranked country on the global bitcoin hash rate table, signifying a strong crypto adoption culture amongst the natives.

There have been concerns about the increased power consumption problems in Kazakhstan, which many people believe is caused by an uptick in crypto mining activities.

The NABDC is looking to reduce miners’ power consumption by 35% as part of its “effective solutions” to solve the issue.

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About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

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