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Welcome back to The Mining Pod! Today, Didar Bekbau, CEO of Xive, joins us to analyze Kazakhstan’s Bitcoin mining industry. Following China’s 2021 mining ban, Kazakhstan briefly captured 15-18% of global hashrate, making it the second largest mining hub in the world, before government restrictions devastated the sector. Didar explains how aging Soviet-era infrastructure couldn’t handle the surge, triggering a power price tax hike that drove miners to Russia and the US. He also explores whether Kazakhstan’s energy-rich landscape might someday welcome miners back with proper planning and infrastructure investment.
# Notes:
– Kazakhstan peaked at 18% of global hash rate (2021)
– Mining capacity dropped from 1600MW to ~200-400MW
– Electricity tax reached $0.05-0.06 per kWh
– Russia became primary destination for fleeing miners
– Many miners relocated equipment to US and Russia
– Grid infrastructure dated from 1960s-1980s Soviet era
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“The Mining Pod” is produced by Sunnyside Honey Inc. with Senior Producer Damien Somerset.
