Uncategorized

Russia Providing Kazakhstan’s Crypto Miners With Electricity

As a result of the collaboration between the two countries, Russia intends to increase Kazakhstan’s energy needs to provide electricity to the former Soviet republic’s miners. The move is in response to a rise in the demand for power among crypto miners in Kazakhstan as mining operations increase.

Russian media outlet RBC found the development in a recent investigation. According to the article, the Russian government has sought changes to the bilateral energy agreements between the two neighbouring nations. This development is under the Russian government’s directive on the issue.

The amendment intends to secure the simultaneous operation of the energy networks of both nations. As a result of the newly implemented adjustment, Russia will provide Kazakhstan with sufficient electricity for its crypto mining activities.

Russia intends to ease this transition through Inter RAO, one of its primary energy holding firms. Inter RAO is significant in this transaction since it is Russia’s sole import-export contractor for energy.

Inter RAO of Russia has signed a commercial contract with Kazakhstan Electricity Grid Operating Company (KEGOC). The arrangement will guarantee Kazakhstan’s energy supply on a purchase-and-sale basis between both parties and beyond.

After China’s crackdown on cryptocurrency mining activities within its borders, mining organisations have fled the East Asian nation. Several mining enterprises flocked to Kazakhstan in search of a more favourable environment.