{"id":6827,"date":"2022-01-08T09:30:08","date_gmt":"2022-01-08T09:30:08","guid":{"rendered":"https:\/\/newmoneyreview.com\/?p=6827"},"modified":"2022-01-18T12:23:59","modified_gmt":"2022-01-18T12:23:59","slug":"bitcoin-miners-run-out-of-countries","status":"publish","type":"post","link":"https:\/\/newmoneyreview.com\/index.php\/2022\/01\/08\/bitcoin-miners-run-out-of-countries\/","title":{"rendered":"Bitcoin miners run out of countries"},"content":{"rendered":"

Following this week\u2019s forced shutdown of their activities in Kazakhstan, bitcoin miners face a rapidly shortening list of countries in which to place their equipment.<\/p>\n

On 5 January, Kazakh authorities shut down the country\u2019s internet<\/a> in response to spreading political unrest.<\/p>\n

The move affected as much as 18 percent of bitcoin\u2019s global mining activity: miners rely on an internet connection to participate in the cryptocurrency network.<\/p>\n

Last year, Kazakhstan emerged as one of the most popular countries for mining following China\u2019s decision to ban cryptocurrency<\/a>.<\/p>\n

\"\"<\/p>\n

Source: Cambridge University Judge Business School<\/em><\/p>\n

The shift of bitcoin mining equipment to the Central Asian country was responsible for a rise of 8 percent in Kazakh electricity demand<\/a>, according to estimates.<\/p>\n

By October, several power plants in the country, 70 percent of which use coal to produce electricity, were forced to ration supplies to businesses and consumers<\/a>.<\/p>\n

Rising energy costs have been cited<\/a> as the main cause of Kazakhstan\u2019s recent deadly street protests.<\/p>\n

The bitcoin miners whose equipment is now stranded in the country appear to have a rapidly shortening list of options to resume their activity.<\/p>\n

According to Didar Bekbau, a co-founder of Kazakh bitcoin mining firm Xive, most miners are likely to wait within the country to see if conditions improve.<\/p>\n

\u201cRelocation from Kazakhstan to the US is very expensive when all the costs are summed up,\u201d he tweeted on January 7<\/a>.<\/p>\n

\u201cRelocation to Russia is possible, but pace of deployment of new facilities is Russia is very low comparing to the US. Mostly ASICs stay inside Kazakhstan.\u201d<\/p>\n

ASICs are the specialist computer chips used to mine bitcoin<\/a>.<\/p>\n

However, there are rising geopolitical risks for those seeking to move mining equipment to countries with relatively low electricity costs.<\/p>\n

In Russia, a lawmaker recently threatened bitcoin miners with jail time<\/a> if they plug their equipment into electricity grids without permission.<\/p>\n

Separately, the country\u2019s central bank is seeking to ban cryptocurrency investments within Russia, according to Reuters<\/a>.<\/p>\n

Iran yesterday imposed a three-month ban on cryptocurrency mining<\/a> because of electricity shortages.<\/p>\n

Two days ago Kosovo took a similar step<\/a>.<\/p>\n

In November, Sweden called for an EU-wide ban on bitcoin mining<\/a>.<\/p>\n

Some bitcoin miners are calling for a shift to space to counter national restrictions on mining.<\/p>\n

\u201cBitcoin miners could continue uninterrupted if they used #BlockstreamSatellite and alternative broadcasting methods,\u201d tech firm Blockstream tweeted on January 5<\/a>.<\/p>\n

\u201cEvery #bitcoin miner and node operator should have a backup communications channel for maximum redundancy and reliability,\u201d the firm said.<\/p>\n

Critics of cryptocurrencies’ energy usage are calling for a global ban on mining.<\/p>\n

“A global coordinated ban is likely to prove the most effective policy option,\u201d said energy economists Alex de Vries and Peter Howson in a recent paper<\/a>.<\/p>\n

Sign up here<\/a> for the New Money Review newsletter<\/em><\/p>\n

Click here<\/a> for a full list of episodes of the New Money Review podcast: the future of money in 30 minutes<\/em><\/p>\n

Related content from\u00a0New Money Review<\/em><\/span><\/p>\n

A cryptocurrency sceptic speaks out<\/a><\/p>\n

Crypto’s wildfire growth creates run risks<\/a><\/p>\n

Ethereum network sees record congestion<\/a><\/p>\n

Big oil goes for bitcoin\u00a0<\/a><\/p>\n

The cat and mouse game of cryptocurrency mining<\/a><\/p>\n

The world’s riskiest industry<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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