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Kazakhstan Continues to be the 3rd Largest Bitcoin Mining Contributor.

Kazakhstan, a Central Asian nation known for its oil, overtook Russia in February 2021 and has stood as the third-largest Bitcoin mining contributor since.

After the United States (38.14%) and China (21.11%), Kazakhstan’s Bitcoin hash rate was 13.22% in January 2011. According to the data from the Cambridge Centre for Alternative Finance, during the same period, Kazakhstan’s average monthly contribution to the global hashrate was 24.8 exahashes per second (Eh/s). In the meantime, the US provided 71 Eh/s, with China supplying 39.6 Eh/s.

Kazakhstan depended heavily on non-renewable energy sources, including oil (over 50%), coal (28%), and natural gas (17%) until 2020, according to the International Energy Agency (IEA), which is funded by the European Union.

This is not to say that nations like Malaysia, Germany, and Iran do not contribute to the Bitcoin hash rate. But the top three countries continue to squeeze out the others. The Chinese government’s outright ban on Bitcoin and other cryptocurrencies pushed many Chinese miners to neighboring Kazakhstan.

China restarted mining in September 2022 after a short mining prohibition. However, the United States had taken over the leading spot and become the top Bitcoin mining center. Local news outlets in Kazakhstan have reported on the country’s future plans for regulating cryptocurrency conversion.

President Kassym-Jomart Tokayev presented his plans to make Kazakhstan a global leader in the blockchain industry, cryptocurrency ecosystem, and controlled mining at Digital Bridge 2022, an international forum.