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Bitcoin mining is getting popular in Kazakhstan with Japanese investment

2020-06-11 51

China leads the world in many sense. For example China had the most Bitcoin mining hash rate in the world, however it seemed the decline between September, 2019 and April, 2020 from 75.63% to 65.08%. In this period, the mining hash rate of the US grew from 4.06% to 7.24%. This means that in a roughly 6 month time frame China's quasi monopoly weakens and other countries seem to enter the Bitcoin mining market.


According to the Japanese coinpost.jp there is an increasing number of US based companies entering the Bitcoin mining market. Among these is SBI Crypto an SBI Holdings subsidiary. They started mining in Texas this year February. In addition to this a power plant in New York state has also started Bitcoin mining and according to the official numbers they are generating revenue.


In China, Sichuan province had the most number of Bitcoin mines, however Chinese regulatory provisions seem to dislike cryptos and for example the Chinese Bytepool has decided not to continue its mining activities.


If we read the report on coinpost, we can learn that Kazakhstan is also working on Bitcoin mining related projects. Since September, 2019 their hash rate almost tripled and currently they are around 6.17%.


The government of Kazakhstan has been considering to change Bitcoin mining related regulations since last year and they are planning to do this in the favour of miners. If these new provisions get accepted, the revenue generated from mining activities will not be taxable as they would consider the mining process a strictly technological one and they would levy taxes on the revenue only when the mined cryptos get converted into fiat currencies.


The government of Kazakhstan is very positive about Bitcoin mining and Blockchain related developments are also supported in the country. We all know that mining requires a lot of electricity and the government would provide this for a very low price to the miners.


According to the official statements, the Japanese Bitfury, the largest Bitcoin mining corporation in Japan is planing to create a fund in Kazakhstan for Bitcoin mining. They are already present in the country and their goal is to initiate additional investments.


According to an analysis of TokenInsight financial derivatives based on mining related technologies are also being actively developed.


Furthermore, we see that following the block reward halving in May, miners had to get rid of old mining devices that are not profitable to mine with anymore. Clearly, 2020 will bring significant changes to the crypto world and for profitable mining, regardless of the currency new technologies both in hardware and software are necessary.


Image by sfedor from Pixabay


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