The power shortages are pushing the cryptocurrency mining companies to leave Kazakhstan and move to other nations. On Wednesday, Nov 24, crypto mining company Xive announced that it is transferring its mining farm out of Southern Kazakhstan due to electricity outages.
The co-founder of Xive cryptocurrency mining firm Didar Bekbau speaks about cryptocurrency development. He said that the firm is shutting down a 2,500-rig mine in South Kazakhstan. He also pointed out the lack of sufficient electricity supply from the national grid.
Bekbau commented: “It’s sad to turn off our mining farm in south Kazakhstan.”
Moreover, Bekbau stated that the south side of Kazakhstan is no longer a possible place for cryptocurrency mining activities. Due to the national grid and electricity shortage, it is difficult to transfer power from energy-rich areas in the north. Also, the southern part of the country is especially unprotected as the region lacks sufficient electricity-generating plants. Additionally, the national grid cannot accurately transmit electricity from the energy-rich northern region.
The co-founder of Xive cryptocurrency also said that it’s evident that mining in south Kazakhstan is not possible anymore. However, he did not mention if he is moving out of this nation entirely.
In addition, Crypto miners such as Xive and Energex have been facing electricity issues since September because of the partitioning from the national grid operator of Kazakhstan.
