Despite the unrest, Bitcoin miners have no plans to leave Kazakhstan. With Bitcoin mining in Kazakhstan currently at a halt, miners in the country are weighing their choices for how to best continue their business in the Central Asian country.
Last year, China expelled Bitcoin miners from its region, claiming the operations’ negative impact on the environment. As a result, Chinese miners such as BIT Mining and others have fled to safer jurisdictions like as Kazakhstan, Russia, North America, and other parts of the world. While these miners are establishing themselves in these new locations, a new crisis has arisen in Kazakhstan, as protests over rising fuel prices, energy bills, and claims of corruption have erupted in the formerly quiet country.
Kazakhstan has recently become a popular alternative for many crypto mining companies due to the amount of coal that fuels many of the farms. According to available data, the country hosts roughly 18% of the worldwide Bitcoin hashrate. Bitcoin miners in Kazakhstan, according to a report from China’s 8BTCnews news agency, have no plans to leave the country. According to the report, a spokeswoman for BIT Mining, one of the country’s top Bitcoin mining companies, said it was doubtful that the company would shift its machines to North America.
Despite the internet shutdown, some miners have managed to stay online, according to the report. Colin Wu, China’s top crypto writer, wrote earlier today, “The internet was momentarily restored on January 7th, according to some Kazakhstan miners. Furthermore, the Chinese phone’s 4G network is only partially functional. The country is expected to return to normal next Monday, according to the industry”. Aside from that, many mining farms are located in rural areas, although demonstrations have been concentrated in urban areas like as Almaty.