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Bitcoin Miners Eye Kazakhstan as Industry Execs Make US Case

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Blockworks

Thu, Jan 20, 2022

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As bitcoin miners move to new countries, efforts to use renewable energy may increase Miners may start to exit Kazakhstan, the second-largest mining territory, experts anticipate As the U.S. House of Representatives prepares to hear from cryptocurrency mining executives on Thursday, the future of the industry has been called into question by political happenings across the world in Kazakhstan.

“I think the internet outage and the possible revolution that’s occurring there might spook miners a little bit, but really it was the energy authorities cracking down on miners.” The rising cost of energy, according to Carter, is likely to push miners out of Kazakhstan — the second-largest mining hub in the world, according to data from the University of Cambridge.

Even though part of the mining energy in China was renewable, there’s a lot more awareness and the industry is more proactive.” Most miners looking to move are headed to countries like the US, Iceland, Canada and Scandinavian nations, according to Garrette David, advisor to the Cosmos Network.

“There’s a ton of initiatives around renewable energy mining and offsetting of mining in general,” David said.

“It is going to depend on where you can get renewable energy.” Industry advocates have made efforts in recent years to shift the narrative around mining and energy use.

“The Bitcoin Mining Council is skewed towards the US and the Nordic countries and of course they self-report, so it’s going to be biased,” Reyes said.

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