Kazakhstan was once the second largest bitcoin mining hub in the world, but now it’s a shadow of its former self.
You're listening to The Mining Pod. Subscribe to the newsletter, trusted by over 12,000 Bitcoiners: https://newsletter.blockspacemedia.com
Want to mine Bitcoin? Check out the Blockspace Media store today!
Welcome back to The Mining Pod! Today, Didar Bekbau, CEO of Xive, joins us to analyze Kazakhstan's Bitcoin mining industry. Following China's 2021 mining ban, Kazakhstan briefly captured 15-18% of global hashrate, making it the second largest mining hub in the world, before government restrictions devastated the sector. Didar explains how aging Soviet-era infrastructure couldn't handle the surge, triggering a power price tax hike that drove miners to Russia and the US. He also explores whether Kazakhstan's energy-rich landscape might someday welcome miners back with proper planning and infrastructure investment.
# Notes:
- Kazakhstan peaked at 18% of global hash rate (2021)
- Mining capacity dropped from 1600MW to ~200-400MW
- Electricity tax reached $0.05-0.06 per kWh
- Russia became primary destination for fleeing miners
- Many miners relocated equipment to US and Russia
- Grid infrastructure dated from 1960s-1980s Soviet era
Timestamps:
00:00 Start
02:02 Current Kazakhstan mining overview
04:19 Scope of hashrate
06:14 Why declining hashrate?
08:49 Tax structure
11:58 Reverting the tax structure
13:42 Effects of China mining ban
14:51 Where power generators mining?
17:14 Supply & demand imbalance
21:05 Future for mining in Kazakhstan?
23:59 GDM owning generation
25:07 Russia mining
27:34 Off grid mining in Kazakhstan
29:55 Ukraine war and natural gas
31:52 GDA, grid demand & government
33:12 Kazakhstan mining outlook
👉 Luxor, Leaders In Bitcoin Mining and Compute Power!
Get game-changing mining results with Luxor Firmware. Boost hashrate, cut energy costs, protect your hardware, and maximize mining profits with LuxOS.
Published twice weekly, "The Mining Pod" interviews the best builders and operators in the
Bitcoin and Bitcoin mining landscape. Subscribe to get notifications when we publish interviews
on Tuesday and a news show on Friday!
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
