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China’s crackdown raises the profile of the crypto mining hub next door.

Hegion’s take on this article: One man’s poison is another man’s meat. This move is not new. Countries, companies, humans have been leveraging on each other since the beginning of humankind. What may seem thrash to one, the other sees its value. This article about crypto mining was published on Fortune, written by Yvonne. During China’s State Council meeting on May 21, Vice Premier Liu He called for a clampdown on cryptocurrency mining and trading, citing social and financial risks. His remarks prompted some domestic crypto mining companies to pull up stakes. What China lost seems to be a gain…

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While China’s Bitcoin Miners Flock to Central Asia Canaan Sets up ASIC Mining Rig Service in Kazakhstan

On Monday, the application-specific integrated circuit (ASIC) manufacturer Canaan Inc. announced the company has established an overseas after-sales center in Kazakhstan. According to Canaan, the service center will provide local customers with after-sales services like machine testing, warranty services, maintenance, and technical consultation. Chinese Miners Are Focused on Relocation, Canaan Opens Mining Rig Service Center in Kazakhstan Ever since China started cracking down on bitcoin miners in the region, Kazakhstan has been a target for relocation. A number of Chinese operations have focused on the Central Asian country and former Soviet republic for relocation after the clampdown. According to a…

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Executives from China’s Largest Bitcoin Mining Firms Speak About Regulatory Crackdown

During the course of the week, the cryptocurrency community has been focused on China and the country’s Financial Stability Board detailing that it aims to crack down on the bitcoin mining sector. Following the statements from Chinese officials and a few crypto businesses abandoning services in the region, executives from some of China’s largest bitcoin mining companies have openly discussed the situation. Btc.top’s CEO: ‘If China Takes Regulatory Actions Against Crypto Mining, Then Major Chinese Manufacturers Will Sell Abroad The million-dollar question right now is whether or not the Chinese government will continue to crack down on the crypto industry.…

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Chinese Firm Bit Mining Invests $9M to Build 100 Megawatt Bitcoin Farm in Kazakhstan

Shenzhen-based Bit Mining is planning to construct and operate a 100 MW crypto-mining data center in Kazakhstan. The project will be implemented in partnership with two local companies that will also provide the enterprise with an array of services. The total amount of the investment will exceed $9 million. Kazakhstan to Host New 100 MW Crypto Mining Facility Bit Mining announced this week it has entered into a binding investment term sheet with a Kazakhstani entity. The two companies will cooperate on the construction of a new crypto mining facility in the Central Asian republic. The Chinese firm will have…

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Kazakhstan’s government to create roadmap for developing crypto market

Kazakhstani authorities plan to improve their regulatory approach in order to strengthen the country’s position in the global crypto market. Kazakhstan’s government forming a roadmap to stimulate the development of the cryptocurrency industry and blockchain technology in the country. State authorities have reviewed proposals to address the crypto industry's development and reconsider the state’s approach to regulating crypto operations, according to a Tuesday announcement on the website of the Prime Minister of Kazakhstan. Officials have proposed to run crypto exchanges via a major national financial hub, the Astana International Financial Centre. The government also suggested establishing standards by which crypto…

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Kazakhstan Is Preparing the Launch of a CBDC Pilot With Private Financial Companies

Central bank digital currencies (CBDCs) are steadily becoming a serious discussion among governments globally, with Kazakhstan as the latest country unveiling its plans. The National Bank of Kazakhstan is making preparations to launch a CBDC pilot program soon. The National Bank Released a Public Consultation Paper According to the announcement published on their website, the bank expects to pilot its prototype of a digital tenge within the private companies of the financial industry in the first stage. The participants will adopt the CBDC to provide payment services via a two-tier architecture where the digital currency will be built. That said,…

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Kazakhstan opens public consultation for central bank digital currency

The potential national digital currency in Kazakhstan is not intended to replace either cash or cashless payments, the central bank stressed. Kazakhstan’s central bank is planning to examine the potential benefits and risks of adopting a state-backed digital currency. The National Bank of Kazakhstan, or NBRK, published Wednesday a report on a digital tenge pilot project and opened a public consultation on the potential central bank digital currency, or CBDC. According to the report, the digital tenge would be a new form of money issued by the NBRK to enable the “further development of the national payment system and reduce…

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Kazakhstan Plans to Pump Over $700 Million in the Crypto Mining Sector

Kazakhstan cryptocurrency mining sector might be seeing a boost with the government looking to invest over $700 million in the sector. Kazakhstan’s Crypto Mining Industry Getting Government Support According to Reuters, the Digital Development Minister of Kazakstan, Bagdat Mussin, announced the government’s interest in investing $714 million in the crypto mining sector. The Minister announced Read MoreRead More. The post by Anthonia Isichei appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News

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Kazakhstan on track for $700M crypto mining investment goal, says minister

A Kazakh minister claimed that there are already preliminary agreements on attracting more than $700 investment for cryptocurrency mining. According to the Digital Development Minister of Kazakhstan, Bagdat Mussin, the country is in negotiations regarding investments in its cryptocurrency mining sector amounting to 300 billion tenges ($714 million). Earlier in June, another Kazakh minister, while arguing against the ban on cryptocurrencies during a parliamentary discussion, had claimed that the country may get more than $700 million investment for its cryptocurrency mining farms over the next three years. While addressing a government meeting, Mussin said that the country has set up…

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Geopolitical risks prevail as new players emerge in the crypto mining space

China is not the only country that wants control of this highly coveted industry. Taras Kulyk, Senior Vice President of Blockchain Business Development at Core Scientific, says that the countries competing to become leaders in the Blockchain space vary greatly in what they can offer to crypto miners. During an interview with Cointelegraph, Kulyk stated that global diversification of hashrate has been increasing as countries around the world vie for control of the crypto mining industry. Kulyk believes that China has been a desirable hub for crypto mining due to specific factors it enjoys, specifically the low cost of labor,…

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The Bitcoin Network Now Consumes 7 Nuclear Plants Worth of Power

The SHA256 hashrate that secures the Bitcoin network has grown massively during the last few years, as Bitcoin’s processing power has touched all-time highs in 2020. Moreover, the gigawatts of electrical consumption powering industrial bitcoin mining today consumes as much as seven nuclear power plants. Bitcoin mining is a process where groups of miners compete in order to capture as many block rewards as they can. Bitcoin miners essentially plug machines into the wall that consume electricity in order to hash away at the Bitcoin network’s consensus algorithm so they can outpace competitors. Hashrate is how analysts measure the amount…

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Kazakhstan Proposes 15% Tax on Bitcoin Mining to Help Combat Coronavirus

Kazakhstan has proposed legislation that would see a 15% tax imposed on bitcoin mining firms. This is part of efforts to raise money to help with the fight against the coronavirus pandemic. Proposed by the country’s Ministry of Economy, the new tax plan requires bitcoin (BTC) miners to first file an application for registration with the authorities, according to a recent report by a local Russian publication. After this, the taxpayer must then indicate the 15% tax on their annual tax calculations. The report notes that “the clause on registration makes the bill unique… the taxpayer working with cryptocurrencies stands…

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Kazakhstan May Tax Crypto Mining At a Flat-Rate of 15%

Kazakhstan’s Ministry of the Economy wants to tax crypto mining in an effort to deal with the COVID-19 pandemic. A proposal made by the government of Kazakhstan aims to impose a 15% flat-rate tax on crypto mining. The plan would use any funds accumulated through the tax to deal with the COVID-19 crisis in the country.According to Forbes, the Ministry of the Economy hopes to combat COVID-19 by funding countermeasures through the collection of such taxes. This represents a departure from the nation’s previous statements, which indicated a different stance from the country. Officials stated that approximately 6% of the…

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Various Crypto Mining Strategies Underline Industry’s Growth Potential

PoS mining platforms are gaining traction globally but could use more polishing and real-life testing, according to experts. Over the course of the past few years, the cryptocurrency mining sector has started to gain a lot of mainstream financial traction. For example, market research firm Technavio recently released startling data claiming that the global mining hardware market is all set to grow by a whopping $2.8 billion between 2020 and 2024. This incredible surge was attributed to the rising popularity of mining pools, most of which are currently concentrated in China. Not only that, over the course of the past few…

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Kazakhstan Needs National Crypto to Fight Corruption, Says Local Official

Kazakhstan’s digital tenge has the potential to provide “full transparency in movement of budgetary funds,” chairman at local anti-corruption service says. The Chairman of Kazakhstan's anti-corruption service has called on the government to develop a national digital currency to fight corruption in the country.Alik Shpekbayev, chairman of Anti-corruption Agency of the Republic of Kazakhstan, reportedly said that national digital currencies like China’s digital yuan should contribute to a more transparent financial system. The news was reported by local news agency Kazinform on July 21.National digital currency is expected to cut cash transactionsAccording to the official, an implementation of the national…

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