Cryptocurrency miners suffer amid major energy crunch in Kazakhstan

Cryptocurrency miners suffer amid major energy crunch in Kazakhstan


Photo by Erik RomanenkoTASS via Getty Images

Cryptocurrency miners in Kazakhstan are facing widespread electricity shortages amid a surge in mining, as reported by the Financial Times. Kazakhstan has been grappling with an overloaded energy grid as miners flock in from China, which cracked down on crypto earlier this year and banned crypto-based transactions in September.

According to the Financial Times, Kazakhstan’s demand for electricity has risen about eight percent since the beginning of 2021, a sharp increase from the one or two percent annual growth that the country typically experiences. The Financial Times’ research also estimates that over 87,849 “power-intensive” mining rigs have made…

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