Miners May Now Be Forced to Relocate From Kazakhstan

Key Points:

• After the cryptocurrency crackdowns in China, crypto miners were forced to relocate, and among the most popular destinations were the U.S. and Kazakhstan

• Kazakhstan was normally always energy-rich and usually had excess electricity to spare

  • With the huge influx of crypto miners in the past year, Kazakhstan has been experiencing grid issues and severe electrical shortages

• In November, it was announced that power would be limited to crypto miners, excluding those doing so legally

  • But even major, legitimate operations have had their power rationed in the past month

• BitFuFu is backed by Bitmain, one of the largest Bitcoin Mining ASIC manufacturers (Antminer’s)