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.
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.
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.