Now some miners are packing bags and hunting for their next destination while others wait for the government to serve up a treat instead of a trick. The law was proposed after the country faced power shortages in several regions.Ĭonsequently, several new miners in Kazakhstan have been left in the dark, quite literally, as their power consumption is being rationed. On October 1, the country’s energy minister proposed a draft bill to limit the nationwide total electricity consumption for new miners. The curse followed them across the continent. Less than a month after the ban announcement, China’s share of crypto mining plummeted and Kazakhstan emerged as the world’s second-largest Bitcoin mining hub after the U.S.īut the relief of miners upon relocating to Kazakhstan was short-lived. A curse that won’t let goĪ significant chunk of Chinese miners found a safe haven in Kazakhstan. Some Chinese crypto traders are still carrying on their crypto trading - even while knowing that the bogeyman of government enforcement is hot in pursuit of them. Crypto miners began a mass exodus out of China as the ones in the shadows were dragged out. Earlier this year, Chinese authorities began clamping down on crypto mining. In 2017, Chinese authorities banned initial coin offerings. In the case of China’s crypto ban, there were many. But no development this big comes without warnings and threats. Bitcoin price dropped 6% with altcoin prices also going downhill. The decision sent shockwaves through the crypto industry.
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