Kazakhstan is Planning to Build Nuclear Power Plant to Provide Energy to Bitcoin Mining Firms

After the crypto mining ban introduction in China, the Bitcoin miners had no option but to look for new locations. While Texas became the top destination for the Bitcoin mining organizations, Kazakhstan was able to offer these displaced businesses a sanctuary as well. In August, the former Soviet Union country became the second-largest contributor of the Bitcoin hashrates in the world.

Recently, Kassym Jomrat Tokayev, President of the country, has called for the establishment of a new nuclear power plant to supply power to these new Bitcoin mining rigs. As reported by a local media outlet, Nikkei Asia, the President claimed that the country is planning to look towards the future and wants to leave the past behind. He was addressing bankers during a meeting on the matter in the biggest city of the region called Atla last Friday.

Miners in Kazakhstan are Facing Power Shortages

Last month, the largest power generation plant in Kazakhstan went out of order due to the massive power demand generated by the Bitcoin mining farms. Therefore, the country is currently facing the issue of dealing with the lack of power supply. The Kazakhstan Electricity Grid Operating Company has claimed that there is not enough energy to go around for everyone with the Bitcoin mining firms moving in.

Since the introduction of a Bitcoin mining exodus in China, the BTC hashrate contribution from Kazakhstan has grown four times. The subject of a nuclear power plant is not an easy discussion for the region, considering the history of experiments conducted by the Soviet Union in the past. However, the country is also a leading producer of uranium in the world, making up for 41% of the total global supply.

During the current month, the national nuclear energy association of Kazakhstan has set up a new power plant. The biggest purchaser of this power plant for generating nuclear energy is China. President Tokayev has received the news about the unrest among the citizens related to the nuclear energy project.

He had also called for a referendum on the matter two years ago. The president also issued a statement claiming that it is high time for the country to let go of its irrational fear related to nuclear power plants and look towards the future. He made these remarks while addressing a business leaders meeting in Russia recently.