Kazakhstan To Set Up Largest Bitcoin Mining Facility

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Bitcoin Mining (Courtesy: Investopedia)
Bitcoin Mining (Courtesy: Investopedia)

Bitcoin mining has been largely dominated by China over the years. But there had been claims that there dominance might not remains for a long time as other countries have began with developing resources and electricity is relatively cheaper in comparison to that of China.

Kazakhstan is coming up with one of the largest Bitcoin mining facility across the globe. The country has been regarded as mining friendly and the facility will become operational from September.

Furthermore, the facility will be a ready to open its 180 megawatt (MW) data center to mining pools at the start of September. It will be based at Ekibastuz, which is near to the border of Russia, and will be able to host nearly 50,000 rigs at a time.

It is also further reported that the facility will be running on electricity as needed to power 180,000 U.S. homes.

The construction for this facility began in August 2019 and has reportedly cost $23 million.

“The center will get its electricity straight from the Kazakhstani grid, which itself will source the power from a coal-fired station in Russia. Ivanov said it was the cheapest source of power available.

Electricity in Kazakstan is cheap and plentiful, with much of the country’s surplus currently exported to neighboring countries. This makes the country well-placed to become a global center for mining facilities, said Ivanov. National power stations rarely operate at full capacity so there’s room for facilities to expand, and more to come online to use the power.,” according to reports.