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Home Crypto News Market Crypto Mining Firm Xive Leaves South Kazakhstan Due to Electricity Shortage

Crypto Mining Firm Xive Leaves South Kazakhstan Due to Electricity Shortage

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The founder of the Xive mining company Didar Beckbau said that his firm along with many other cryptocurrency mining companies in South Kazakhstan are moving to Russia and the United States due to a lack of electricity.


 

Kazakhstan is actively fighting the shortage of electricity caused by the influx of miners from China. This is particularly reflected in the southern part of the country, where there is a shortage of power plants and the national grid has no ability to transfer electricity from the energy-rich northern region.

The founder of Xive mining firm Didar Bekbau said that the company was planning to launch a mining center of 2,500 devices in South Kazakhstan, but it is clear that the mining of cryptocurrencies in the region is no longer possible.

Bekbau said:

“The rest of the mining companies in the south of Kazakhstan are also looking to place their equipment in other countries, Some have moved their facilities to Russia and the United States because there are no options left in South Kazakhstan.”

Xive and Enegix have been suffering electricity problems since September due to rationing from Kazakhstan Electricity Grid Operating Company (KEGOC) as a result, Xive decided to close the business in Kazakhstan.

In 2021, the electricity use in Kazakhstan reached 82.99 billion kWh. The Kazakhstan Energy Ministry attributed this high consumption to Bitcoin mining data centers in the country.

With Kazakhstan facing power diminutions caused by an increase in cryptocurrency mining operations within the country, Kazakhstan is now looking to Russia, its neighbor to provide additional power capacity.

Earlier this year, President Kassym-Jomart Tokayev approved a bill to restrict Bitcoin miners to pay extra charges for their electricity. The overcharge of 1 Kazakhstani tenge ($0.0025) per kilowatt-hour will be appended to all crypto mining processes.

Read more Kazakhstan mining news:

 

 

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The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Jakkkhttps://thecryptobasic.com/
Owner of TheCryptoBasic. Involved in cryptocurrencies for more than five years, Love to trade and write on cryptocurrencies. My primary aim is to provide genuine information to cryptocurrency readers because crypto is filled with frauds and scams. Accurate information is scarce to get. So We at TheCryptoBasic will be providing accurate information about cryptocurrencies topics that users can trust.

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