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Kazakhstan To Construct Nuclear Power Plant to address the energy shortage caused by cryptocurrency mining

According to a report by Russia Today, Kazakhstan authorities are considering establishing a nuclear power plant in response to the rapid expansion of cryptocurrency mining, which has resulted in severe electricity shortages in the Central Asian country. Minister of Energy Magzum Myrzagaliev said on Tuesday that the government is looking at two locations for a thermal power plant to assist close the capacity deficit.

Coal In Use In Over 70% of Kazakhstan’s power plants.

Around 70% of the country’s power plants currently run on coal. Kazakhstan, the world’s largest uranium miner, has been considering building a nuclear power plant for almost a decade. Power shortages occurred in the country earlier this year, shortly after the Chinese government declared bitcoin mining illegal. Crypto miners have chosen to ship their equipment to Kazakhstan, where electricity is inexpensive. Nur-Sultan has serious energy problems as a result. Then, was compelled to buy electricity from Russia to make up the difference. Cryptocurrency mining solves computational math problems with the help of electricity and high-powered computers, as Kazakhstan plans to solve.

According to Pomponio, there is no need to apologize for bitcoin’s energy consumption.

So, Bitcoin influencer and podcaster Anthony Pompliano says,
“there is a linear relationship between energy consumption and the dollar system; to support more users and more transactions, we need to consume more energy, more data centers, more bank branches, more ATMs. Bitcoin blockchain does not have this same linear relationship with energy consumption.”

“Regardless of the number of transactions per block, each block has the same energy consumed. As Bitcoin scales, it will become more efficient because you will be able to add more economic value to each of these blocks,” he adds.

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Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.