Category Archive : Kazakhstan

Crypto Miners Adapt to a Rapidly Shifting Market Landscape

NEW YORK, Oct. 25, 2021 /PRNewswire/ — The price of Bitcoin reached a new record last week, crossing the USD 65,000 mark. Yet, according to a report by Bloomberg, some strategists believe there is still room to grow. Some analysts see the next test at around USD 90,000. “Initial upside targets for Bitcoin above USD 65,000 lie near USD 72,500, then USD 89,000, and thought to be definitely within reach on this breakout of former peaks,” Fundstrat wrote in a report Wednesday. Overall, Bitcoin’s recent rally has brough optimism back to the market. According to Fidelity Director of Global/Macro, Jurrien Timmer, the ongoing rally in Bitcoin could continue towards new record heights over the next two years, Markets Insider reported. Based on his proprietary supply-and-demand model, Timmer sees Bitcoin reaching USD 100,000 by 2023 as momentum traders begin to buy into the recent rally. ISW Holdings Inc. (OTC: ISWH), The OLB Group, Inc. (NASDAQ: OLB), Marathon Digital Holdings, Inc. (NASDAQ: MARA), Ebang International Holdings Inc. (NASDAQ: EBON), The9 Limited (NASDAQ: NCTY)

This increase in the price of Bitcoin comes despite China’s full-blown crackdown on cryptocurrencies. The Wall Street Journal reported that Huobi Global, which is one of the world’s largest cryptocurrency exchanges, said it would close all user accounts in mainland China by the end of the year, just days after the country’s central bank declared all crypto-related transactions illegal. The exchange will also gradually retire existing accounts in China by the end of 2021 to ensure the safety of its customers’ assets. Nevertheless, cryptocurrency miners are adapting to the new conditions by moving to countries that are open to digital currencies and the related mining operations. Meanwhile, the U.S. has become one of the main hubs of the Bitcoin mining market.

ISW Holdings Inc. (OTC: ISWH), transitioning to “BlockQuarry,” pending name change, announced yesterday breaking news that, “the first phase…

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Mawson Infrastructure Group: A Company That Could Make Crypto Mining Carbon-Free – MAWSON INFRSTRUCTURE GRP by Mawson Infrastructure Group Inc. (MIGI)

Photo by Olya Kobruseva from Pexels

The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.

Crypto mining has become a trending buzzword over the years thanks to the surge in cryptocurrency prices, such as Bitcoin and Ethereum. New cryptocurrency tokens are released into the blockchain system through a process called mining. Crypto miners get rewarded with tokens after solving complex cryptographic equations with the use of special, power-intensive computer hardware.

In just 10 years, global revenues generated from mining have moved from $1,000 per day in March 2011 to $63 million in March 2021. However, the major concern with mining is that it is an intensive process that requires a huge amount of electricity. Warehouses keeping crypto mining rigs have to run 24 hours, in total consuming more electricity than the entire nation of Argentina.

Environmentalists criticize crypto mining for significantly contributing to carbon emissions, adding to the growing climate crisis. Kazakhstan, which passed a law to legalize crypto mining in 2020, may be regretting its decision as the country is now experiencing a power shortage, possibly due to crypto mining.

What’s the Solution?

 

With climate change being one of the major concerns worldwide, the best solution would be to use carbon-free methods when mining, and that is what Mawson Infrastructure Group (NASDAQ:MIGI) is attempting to do. Mawson’s blockchain mining division relies on mostly carbon-free energy sources in its mining facilities unlike much of the mining industry, which heavily depends on carbon-emitting sources. The company is at the forefront of the push to make crypto mining green.

Mawson and the RIGZ

 

Mawson became part of Viridi Fund’s Cleaner Energy Crypto-Mining & Semiconductor ETF (NYSE:RIGZ), which is focused on crypto mining firms that are switching to cleaner, carbon-free sources…

Read more at www.benzinga.com

Will Bitcoin’s recent performance salvage Kazakhstan’s mining situation

While most of the Bitcoin market was flourishing until the last 2 days, when BTC dropped by 8.06%, we forgot to check up on the miners.

Turns out, the miners’ behavior did not change much but the overall image of the miner market has changed. The exit and entry of different kinds of miners appear to be interesting.

Bitcoin miners mine away

The rising bullishness observed from mining companies such as Marathon and Riot is indicative that corporations are looking to dominate the mining industry slowly but surely. Their increased profits are pushing them to further their efforts and have a firmer grip going ahead.

Combined these two companies mined almost 750 BTC worth $46 million, just this month. And they further plan to expand their operations by over 526% and 461% respectively.

They could actually benefit from the exiting miners since Kazakhstan, which was one of the topmost options for miners who left China, is currently in a rut when it comes to mining.

In Kazakhstan, a large number of mining sites have been affected by power restrictions due to the observed power constraints and winter shortages.

And with Southern Kazakhstan focusing on cleaning up illegal mining in combination with electricity usage data and IP addresses, and some organizations have decided to move from Kazakhstan to the U.S.

Is moving to the U.S. the right call?

This actually might prove to be a good decision since the US is known for its mining practices using renewable energy. Of the entire mining hash rate from the US, 19.9 percent of it is in New York, Kentucky has 18.7 percent, 17.3 percent in Georgia, and Texas has 14 percent.

But regardless of their moving away from Kazakhstan, most miners have stuck to HODLing their BTC. And as a result, their holdings have endured 2021.

Compared to this time last year, when their holdings were over 4.7 million BTC, miners currently have over 4.4 million BTC, despite the May crash and China’s mining ban.

Bitcoin miners’ holdings | Source:…

Read more at ambcrypto.com

Single Mining Farm Needs as Much Power as 24,000 Homes, Kazakhstan Estimates – Mining Bitcoin News

Authorities in Kazakhstan have calculated the energy used in the country’s crypto mining industry which competes for electricity with other sectors of the economy and households. The government has also estimated the additional supply necessary to meet the growing demand from mining farms and proposed a cap on the power rating of new facilities.

Kazakhstan Measures Power Usage in Crypto Mining Sector, Estimates Deficit

In an effort to explain why Kazakhstan is considering imposing restrictions on new cryptocurrency mining operations, the Ministry of Energy told local media that data centers minting digital coins use 5 megawatts (MW) of electricity each hour. Just a single mining facility burns an average of 3.6 million kilowatts (kW) a month, the department stated, noting that the amount equals the consumption of 24,000 homes.

Single Mining Farm Needs as Much Power as 24,000 Homes, Kazakhstan Estimates

As China has been cracking down on cryptocurrency miners this year, the Central Asian nation has become an attractive destination for many businesses from the mining industry with its low energy rates. As a result, electricity consumption has increased by 7.4% in the first nine months of this year, reaching almost 83 billion kilowatt-hours (kWh), government figures show.

Officials in Nur-Sultan have already blamed the spike on some 50 mining farms operating in the country. With a total project capacity of over 972 MW, the load they currently exert on Kazakhstan’s power distribution network has been estimated at more than 693 MW.

On top of that, power usage by illegal mining facilities is likely to have risen, too. The Energy Ministry told the business news portal LS that the excess consumption growth, which can be attributed to mining centers, is around 1,050 MW while the share of underground crypto miners is believed to be in the range of 250 to 450 MW.

Government Wants to Limit Capacity of New Mining Farms to 100 MW

Meeting the growing needs of the mining industry would require an increase of electricity generation by at…

Read more at news.bitcoin.com

Crypto stocks dip as bitcoin continues to fade from all-time high – Seeking Alpha

Crypto stocks dip as bitcoin continues to fade from all-time high  Seeking Alpha
Read more at seekingalpha.com

TOO Fund Announces Its Launch in the Crypto World

SINGAPORE, Oct. 22, 2021 (GLOBE NEWSWIRE) — TOO Fund is a first-of-its-kind investment company with using of the Blockchain technology, the team at TOO Fund is pleased to announce to the crypto and Fintech communities that it has launched its company. The goal of the project is to achieve 1 billion US dollars within one year of establishment.

TOO Token

TOO Fund has a native token that users can use to engage with the platform. The symbol of the token is “TOO.” Users can use TOO to pay for goods and services on the TOO protocol.

Actually, TOO holders will enjoy massive discounts for using the token to pay for transaction fees. Additionally, token holders will be rewarded with mouth-watery returns on their investment.

Vision Ahead

The team at TOO Fund expects that the project’s token price will increase by November 2021. By 2021, the team projects that the value of its token will reach 100 times. Similarly, before the end of March 2022 and March 2023, the team expects that the value of TOO token will increase by 1,000 and 10,000 times respectively. TOO Fund guarantees total or absolutely freedom of wealth.

The team plans to complete the construction of at least three mines located in Russia, Canada, and the United States. It also plans to publish games and public chains in the future.

About TOO Fund

TOO Fund is a new investment company established in 2021. The company is focused on leveraging blockchain technology to provide investment services to investors and virtual currency mining. The company is committed to explore and discover new ventures while partnering with a reputable public YouTube channel. In the coming weeks, TOO will launch its native decentralized crypto exchange where users can trade, swap, and convert different cryptocurrencies.

TOO Fund parades a team of highly intellectual individuals with vast years of experience in blockchain technology, digital marketing, and the Fintech industry in general. At present, the team is discussing…

Read more at www.globenewswire.com

Kazakhstan sets national limit for energy cryptocurrency mining can use – Seeking Alpha

Kazakhstan sets national limit for energy cryptocurrency mining can use  Seeking Alpha
Read more at seekingalpha.com

Kazakhstan to limit energy for crypto mining to 100 MW across the country

Enovix investors will be happy to hear that their stock was the only one of the three to also be “in the green” for Thursday, in particular, tacking on 1.6%. In the case of FuelCell, the fuel-cell industry’s eponymous star owed its gains primarily to bullish pronouncements from one of its rivals, Plug Power, which announced last week that hydrogen fuel cells are getting so popular that it expects to record as much as $850 million in sales next year — and more than triple that number by 2025. Investors are betting that what’s good news for Plug will be good news for FuelCell, as well, which, at $3.1 billion in market capitalization, is far smaller than Plug and therefore has more room to grow. Why FuelCell Energy, Denison Mines, and Enovix Stocks Popped This Week

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  • Kazakhstan to limit energy for crypto mining to 100 MW across the country
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CME Takes Over as Largest Bitcoin Futures Exchange as BITO Pushes Limits

The Chicago Mercantile Exchange (CME) has replaced Binance as the world’s biggest bitcoin futures platform, thanks to the strong investor appetite for the recently launched ProShares Bitcoin Strategy ETF.

As of writing, the CME accounts for 22% or $5.68 billion of the total global futures open interest of $25.7 billion, while Binance is contributing $5.66 billion to the worldwide tally.

The amount of money locked in the CME-based futures contracts has tripled this month, with more than $1.5 billion flowing into the market after ProShares’ bitcoin ETF went live on Tuesday.

Launched under the ticket BITO on the New York Stock Exchange, the ETF has amassed $1.2 billion worth of assets in the first three days and could soon hit the CME’s position limits.

At the end of Thursday, the ETF held 2,133 contracts of November futures and 1,679 contacts due to expire on Oct. 29.

The CME allows a single entity to own a maximum of 2,000 contracts in the front-month futures while capping the overall positions across different maturities at 5,000 contracts.

“Exchanges enforce positions limits to keep a single entity from establishing unilateral control over the market and prices,” Pankaj Balani, CEO of Delta Exchange, said, adding that limit sizes vary from market to market and are flexible.

ProShares’ fund also appears to be close to hitting the limit in the October expiry and may continue to snap up longer duration futures.

That would expose the fund to a significant tracking error – the difference between bitcoin’s performance and actual returns from the fund. That’s because longer-duration futures contracts trade at a considerable premium to the spot price. As such, the fund could up selling low and buying high while rolling over positions on expiry, leading to contango bleed, as CoinDesk reported earlier this month.

The situation is expected to ease as more ETFs go live, and the CME raises caps on maximum positions a single entity can hold.

Read more at finance.yahoo.com

Kazakhstan Power Shortages Continue As Crypto Miners Scramble For Solutions

Kazakhstan — one of the popular destinations for Chinese crypto miners as they look for more regulation-friendly shores — continues to face power shortages, with its national grid operator last week rationing power after some failures occurred in a few power units.

Fast facts

  • Kazakhstan electricity grid operating company KEGOC said in a statement last week that on Oct. 14, some large power units with a capacity of 500 MW failed at two plants, and a boiler was forced to shutdown, resulting in a decrease in generation of 150 MW at another power plant.
  • That has led to a power generation reduction — at the three plants — totaling over 1,000 MW, according to the grid operator.
  • KEGOC, in coordination with the country’s Ministry of Energy and other regional power grid companies, limited the consumption of electricity by consumers carrying out excess consumption, “to prevent an accident and minimize the consequences of a decrease in generation in the power system.” It’s unclear if crypto miners were affected by the specific incident.
  • KEGOC said Wednesday in another statement that at present time, the power consumption demand in some parts of Kazakhstan has overrun the power generation volume “due to the sharp increase in consumption by the digital mining consumers (over 1,000 MW) and higher number of emergencies at power plants.”
  • However, Kazakhstan’s recent power shortage situations have left local miners worrying about their short-term business. Some miners have been forced to halt operations due to the ongoing power shortages.
  • “We have one mining farm in the south of Kazakhstan that has been disconnected from the electricity grid. It’s been three weeks now,” Didar Bekbauov, a co-founder of Xive, a crypto mining company in Kazakhstan, said earlier this month in an interview with Forkast.News, adding the halted operation accounted for almost half of the company’s total operation. “Some small and medium miners are in a panic….

Read more at forkast.news

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