Mining companies in Kazakhstan will allow using the Russian power supply for their activities.
Due to electricity shortage, almost 200 firms were shut down in Kazakhstan last year.
With the assistance of new contracts, Kazakhstani miners will indeed be able to obtain electricity. Directly from the enormous Inter RAO power station in Russia.
Kazakhstan Miners Provide Electricity From Russia
Kazakhstani cryptocurrency mining firms allow to operate their energy-intensive devices using Russian neighbor country electricity. To make it possible, the bilateral agreement governing the preparation of the two cooperating countries’ energy systems will modified.
As per the crypto news section of the Russian business information portal RBC. The government in Moscow has already issued the required orders and started making plans to manage the supply of electricity for Kazakhstan’s cryptocurrency mining industry.
Due to a shortage in the last year, Kazakhstan shut down almost 200 mining industries in January. When Kazakhstan expected its electricity deficit to reach 600 megawatts amid rising demand during the chilly winter months. After consumption came close to 83 billion kilowatt-hours (kWh). In the first nine months of 2021, the country’s state-owned Russian energy giant began to consider additional supplies to Kazakhstan last fall.
With the new arrangements, Inter RAO, which now holds a stronghold on the export and import of energy in Russia. It will be able to sell in Kazakhstan via agreements made directly with the nation’s mining sector on commercial terms.
Recently, lawmakers in Nur-Sultan set – up legislation that would limit what they refer to as “uncontrolled usage of power by ‘gray’ miners.” The new regulation aims to limit mining firms registered with the Astana International Financial Center (AIFC). If the legislation passes, only contracts with data centers with domestic licenses would let international entities to mine.