Kazakhstan becomes world’s second-largest Bitcoin mining country after Chinese ban

Nur-Sultan, Dec 10 (EFE).- Kazakhstan has gained ground in cryptocurrency mining to become the second largest producer in the world, after China, which was the largest, banned the activity, forcing mining companies into exile.

"This is due to the actions of the Chinese government, which banned cryptocurrency mining and markets. This led to a large number of mining farms moving from China to Kazakhstan," Sapar Akhmetov, a representative of the Association of Blockchain Technologies in the Central Asian nation, told Efe.

Cambridge University’s Center for Alternative Finance estimates that the United States currently mines 35.4 percent of cryptocurrencies globally, followed by Kazakhstan, which produced 18.1 percent in August, ahead of Russia with 11.2 percent. (Camera: KULPASH KONÍROVA/ALIAKPAR KADYRBAEV).

SHOT LIST: A CRYPTO MINER IN KAZAKHSTAN.

SOUND BITES: SAPAR AKHMETOV, A REPRESENTATIVE OF THE ASSOCIATION OF BLOCKCHAIN TECHNOLOGIES IN KAZAKHSTAN.

TRANSLATION:

1. Undoubtedly this is due to the actions of the Chinese Government, which banned mining and cryptocurrency markets, and in Kazakhstan, this industry is developing rapidly. Therefore, the transfer of equipment to Kazakhstan is due to the move of Chinese companies and the purchase of equipment by Kazakh companies led to double growth. "

2. Specialists estimated that revenue from mining farms during 2020 amounted to 500 million tenge ($1.16 million), a figure that is forecast to double in 2021. And we will also implement from 1 of January a tax on mining companies based on the data we currently have, we can forecast that more than 5 billion tenge will be collected in 2022.