A report from the Data Center Industry & Blockchain Association of Kazakhstan, or NABDC, estimates that cryptocurrency mining could bring $i.5 billion in revenue for the country over the next five years. Currently, corporate digital currency mining activities generate about 98 billion tenge ($230 million) per year in the country. Alan Dordzhiev, the president of the NABDC, issued the post-obit argument every bit quoted past local news outlet kapital.kz:

The figure of 98 billion tenge is simply an economic effect from companies that are officially involved in mining. If we take into business relationship the "gray" miners, then this effigy can be safely multiplied by ii.

In context, "grayness miners" refers to individuals carrying along their own crypto mining operations — oft with disputed legal condition. The clan chosen for greater regulation to combat illegal mining to prevent a possible electricity shortage. Grey area miners consume approximately 500 MW of electricity in the state, as estimated by Dordzhiev. Earlier this calendar month, Kazakhstan'south Department of Free energy proposed a draft club to impose limits on the amount of electricity consumed past the crypto mining industry.

Co-ordinate to information from The Academy of Cambridge, Kazakhstan contributed to xviii.10% of the world's Bitcoin (BTC) mining hash rate — the second largest in the earth, after China began cracking down on mining activity. That puts it just behind the 35.twoscore% hash rate share for the U.S. and higher up Russia's eleven.23%. Based on numbers from GlobalPetrolPrices, the average cost of commercial-employ electricity in Kazakhstan is $0.054 per kWh, well below the global average of $0.124 per kWh — due to the country'due south enormous fossil fuel reserves.