In May 2023, Kazakhstan’s share of the global Bitcoin mining hashrate stood at 4%, down from its peak of 18% in October 2021. Kazakhstan’s mining industry boomed between 2020 and 2021, driven by cheap electricity, hosting demand, access to cheap Chinese machines, relaxed regulations, and tax benefits, according to a Hashrate Index report.
With the increase in hashrate share, Kazakhstan’s total Bitcoin mining load jumped to 1.5 GW in October 2021 from 200 MW a year and a half ago. Unable to handle the load, the country’s energy provider started rationing power supply to Bitcoin miners in September 2021. So miners could only use expensive electricity imported from Russia, causing many miners to go bankrupt, the report noted.
The country implemented the new law “On Digital Assets in the Republic of Kazakhstan” on April 1. The law requires miners to obtain licenses to operate and use only licensed mining pools and crypto exchanges. It also puts miners last in line for power sup
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