Malaysia, Germany, and Iran continue to lose market share to the top three Bitcoin hash rate contributors, which are China, Russia, and the United States.
Kazakhstan provided 13.22% of the overall Bitcoin hash rate in January 2022, placing it only behind the previous leaders the United States (37.84%) and China (21.11%).
According to statistics from the Cambridge Centre for Alternative Finance, Kazakhstan’s absolute hash rate contribution (monthly average) was 24.8 exahashes per second (Eh/s) throughout comparable periods. Meanwhile, the United States and China both contributed 39.6 Eh/s.
The International Energy Agency (IEA), which is co-funded by the European Union, emphasized Kazakhstan’s strong dependence on nonrenewable energy sources such as oil (over 50 percent), coal (28 percent), and natural gas (17 percent) until 2020. The research demonstrated:
The majority of coal is used to generate power and heat, whereas the majority of oil is used by ultimate users, primarily for road transportation.
However, the top three contributors to the Bitcoin hash rate continue to nibble away at the proportion of other nations, such as Malaysia, Germany, and Iran. Kazakhstan was one of the first nations to accept displaced Chinese miners after the Chinese government’s ban on Bitcoin and cryptocurrency mining and trade.
China restarted mining activities in September 2022, but the temporary mining restriction removed the nation from its status as the largest Bitcoin mining centre, elevating the United States to the top position.
Local sources from Kazakhstan emphasized the country’s intention to legalize a fiat-to-cryptocurrency exchange system.
President Kassym-Jomart Tokayev expressed his ambition to make Kazakhstan a leader in digital technology, the cryptocurrency ecosystem, and controlled mining at the international symposium Digital Bridge 2022.
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