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Kazakhstan strengthens position as third-largest mining world power



For more than a year, the Eastern European country of Kazakhstan has surprisingly been able to maintain its position as the third-largest producer of Bitcoin


As of January 2022, Kazakhstan now contributes a whopping 13.22% to the global hash rate of Bitcoin, putting it right behind the two market leaders USA (37.84%) and China (21.11%), see below.

The Cambridge Center for Alternative Finance estimates that Kazakhstan's absolute contribution to hashrate (on a monthly average) is approximately 24.8 exahashes per second (EH/s). The USA and China come here again to 71 EH/s and 39.6 EH/s.

However, the International Energy Agency (IEA), co-founded by the European Union (EU), warns that Kazakhstan will largely rely on "dirty" energy from oil (more than 50%), coal (28%) and natural gas at least until 2020 (17%) placed. In this regard, the IEA states in a study:


"The majority of coal power is used for electricity generation and heat generation, while oil is mainly used by end users in road transport."

And Kazakhstan has not only moved into the top 3, but is also taking more and more market share from other mining countries with the other two top performers, including Malaysia, Germany and Iran. Kazakhstan, for example, was the first port of call for many mining companies that left China after the government there issued a general ban on Bitcoin, crypto mining and crypto trading.


In September 2022, China then gave the green light for the domestic mining industry again, but the temporary ban cost the top spot that the USA has held since then.


According to local media reports from Kazakhstan, the country is already planning to legalize the exchange of cryptocurrencies into local currencies.


At the Digital Bridge 2022 international forum, President Kassym-Jomart Tokayev revealed his vision of Kazakhstan becoming a leading power in the field of digital technologies, crypto and mining.


“We are ready to take the next step. If this financial instrument continues to demonstrate its relevance and safety, then we will reward it with full legal recognition,” Tokayev said.

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