Since many Asian countries banned cryptocurrencies people decided to move their businesses of crypto-mining mainly into USA.
You could capture an incredible increase of crypto-miners in US since July 2021 – nearly 80%. The rest of China’s previous mining percentage (25% globally) went mainly to the closest places possible: Kyrgyzstan, Uzbekistan and mostly Kazakhstan – due to its mild tax law.
Bitcoin, was globally mined in nearly 36% by USA and 19% by Kazakhstan (2021 – according to data from the University of Cambridge Center of Alternative Finance) – it’s incredible due to the comparison of population, area or power consumption in those countries.
A few days ago (25th of January, 2022) a power blackout hit all 3 above mentioned countries – Kyrgyzstan, Uzbekistan and Kazakhstan. They are all connected to one main for the region power supplier, which capacity wasn’t enough as for the usage of crypto-miners.
The blackout caused chaos across the region for several hours, with subway trains stuck in tunnels and skiers on lifts, airports closing, district heating and tap water pumps going idle and traffic lights switching off.
Kazakhstan, which has previously experienced power shortages due to the influx of cryptocurrency miners, has started routinely cutting off their power supply and did so from Jan. 24 until the end of the month, according to a document published online by one of the local miners.
We are waiting, and wondering if Kazakh is going to be another banned for crypto-miners country, or what is going to happen in Asia, and previously mentioned Kazakhstan’s North-South power line region if it comes to cryptocurrency-mining laws.