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Kazakhstan plans to build nuclear power plant to mine cryptocurrencies and Russia will help

Kazakhstan’s President Kassym-Jomart Tokayev has proposed building a nuclear power plant to sustain the growth of the cryptocurrency mining industry amid the energy crisis the country is facing.

Kazakhstan plans to build nuclear power plant to mine cryptocurrencies and Russia will help

Kazakhstan plans to build nuclear power plant to mine cryptocurrencies and Russia will help

The nuclear alternative to supply the country’s energy system is quite unpopular among citizens. Even so, President Kassym-Jomart insists that the proposal aims to “increase the contribution of the national financial system to economic development and the well-being of citizens”

After China’s crackdown on cryptocurrency mining, Kazakhstan has become a popular place for Chinese miners to migrate. The lack of government interventions in the sector and low energy costs have made the country a promising destination.

Kazakhstan is reportedly second in global control of Bitcoin mining energy, after the US, with a 21.9% share of the global hash rate according to Cambridge Center for Alternative Finance Index data.

This is not the first time Tokayev has proposed to build a nuclear power plant. In 2019, he spoke with Russian President Vladimir Putin, who offered technology assistance and training.

As we mentioned, this proposal has not been well received by the citizens of Kazakhstan, who fear the environmental implications, costs, Russia’s energy dependence and the country’s past history of Soviet atomic weapons tests.

The reaction from citizens has been strong enough to put the idea aside, until now. Tokayev suggests this is something they should do and there is no other way around it. The energy situation is not the worst yet, but the Ministry of Energy has announced that the country will buy Russian electricity for the winter.

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