Local authorities temporarily halt Bitcoin mining
The National Association of Blockchain and Data Centers Industry in Kazakhstan has announced that "several dozen" of its members have been affected by power outages. The association said that the relevant ministry had cut off electricity to "licensed" crypto-mining centers. It also claims that legal miners have lost about 300 million kWh of electricity since temperatures began to drop. This caused a "direct loss" of more than $9.7 million in total revenue for Kazakhstan's energy industry.Meanwhile, the government intervened in Iran when temperatures in areas like Bostan Abad dropped to as low as -10 degrees Celsius, driving up energy consumption. Because of this, the government has ordered energy providers to halt registered crypto mining temporarily. According to local media, Iran has suspended crypto-mining to reduce fuel consumption at power plants in light of the falling temperatures. The government had already started restricting the sector last month.
Mining industry in Kazakhstan and Iran strongly grown
According to an article in the Financial Times, electricity demand in Kazakhstan has risen by about eight percent since the beginning of 2021, a significant increase from the one to two percent annual growth the country sees typically. The main reason could be that more miners are migrating from China, which cracked down on cryptocurrencies earlier this year and banned crypto-based transactions in September. The Kazakhstan Electricity Grid Operating Company (KEGOC) has also announced that it will ration electricity to 50 state-registered crypto miners to mitigate power outages.Iran is also one of the largest crypto-mining countries globally, accounting for an estimated 4.5-7% of the global Bitcoin hash rate. The country had previously imposed a temporary blanket ban on crypto mining over the summer, citing peak periods historically for power demand due to hot temperatures. In September, the ban was lifted as Iran's power grid became more stable.
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