In context, “gray miners” refers to individuals carrying forth their very own crypto mining operations — often with disputed authorized status. Kazakhstan currently ranks No. 2 in the world in terms of Bitcoin mining hash rate.
A report from the Data Center Industry & Blockchain Association of Kazakhstan, or NABDC, estimates that cryptocurrency mining could bring $1.5 billion in revenue for the nation over the next 5 years. At present, company digital currency mining actions generate about 98 billion tenge ($230 million) per year in the nation. Alan Dordzhiev, the president of the NABDC, issued the next statement as quoted by local news outlet kapital.kz:
The figure of 98 billion tenge is simply an economic effect from firms which are formally involved in mining. If we consider the “gray” miners, then this figure can be safely multiplied by 2.
In context, “gray miners” refers to individuals carrying forth their very own crypto mining operations — often with disputed authorized status. The association called for greater regulation to fight illegal mining to stop a potential electricity shortage. Grey area miners devour approximately 500 MW of electricity within the nation, as estimated by Dordzhiev. Earlier this month, Kazakhstan’s Department of Energy proposed a draft order to impose limits on the amount of electrical energy consumed by the crypto mining business.
In keeping with data from The University of Cambridge, Kazakhstan contributed to 18.10% of the world’s Bitcoin (BTC) mining hash rate — the second largest in the world, after China started cracking down on mining activity. That places it simply behind the 35.40% hash rate share for the U.S. and above Russia’s 11.23%. Based on numbers from GlobalPetrolPrices, the typical price of commercial-use electricity in Kazakhstan is $0.054 per kWh, properly under the worldwide average of $0.124 per kWh — due to the country’s huge fossil gas reserves.
Source: Cointelegraph
