When it comes to getting your hands on cryptocurrencies, there are essentially several options. You can trade it, which means you can buy it on an exchange or sell a product and accept crypto as payment, or you can mine for it. The problem with mining, however, is that it is very energy-intensive.
This means it might not necessarily be cheaper if you want to do it yourself at home. To show how much electricity crypto mining is using, it appears that the country in Kazakhstan has electricity shortage that is loud The Financial Times, Crypto mining is partly to blame.
The publication reports that local electricity network operator KEGOC has announced it will ration electricity for the country’s 50 registered miners after their use reportedly included an emergency shutdown mode at three power plants as early as October. According to government estimates, electricity demand has grown 8% so far in 2021, up from the 1-2% they would normally see.
This has also led to power outages in six regions since October. According to official sources, the surge in energy demand could be due to China’s crackdown on cryptocurrencies, which has forced mining companies to relocate operations to other countries, such as Kazakhstan, where electricity is relatively cheap.
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