Kazakhstan Maintained As The Third-biggest Contributor To Bitcoin Mining

Kazakhstan, an oil-rich Central Asian country, has been the third-largest contributor to Bitcoin (BTC) mining for more than a year, having surpassed Russia in February 2021.

Kazakhstan provided 13.22% of the overall Bitcoin hash rate in January 2022, trailing only the previous leaders, the United States (37.84%) and China (21.11%).

According to data from the Cambridge Centre for Alternative Finance, Kazakhstan’s absolute hash rate contribution (monthly average) was 24.8 exahashes per second (Eh/s). Meanwhile, the US supplied 71 Eh/s and China contributed 39.6 Eh/s, respectively.

The International Energy Agency (IEA), which is co-funded by the European Union, emphasized Kazakhstan’s strong reliance on nonrenewable energy sources such as oil (more than 50%), coal (28%), and natural gas (17%) until 2020. The study discovered:

“Most coal is used for electricity and heat generation, while most oil is used by final consumers, particularly in road transport.”

However, the top three nations contributing to the Bitcoin hash rate, such as Malaysia, Germany, and Iran, continue to chip away at the proportion of other participants. When the Chinese government enforced a blanket ban on Bitcoin and cryptocurrency mining and trade, Kazakhstan was among the first to welcome the displaced Chinese miners.

China restarted mining activities in September 2022, however, the brief mining restriction cost the country its status as the largest Bitcoin mining center, which has since been taken over by the United States.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

CoinCu News