The government of Kazakhstan has laid out new reporting requirements for cryptocurrency mining operators with a keen eye on how the industry’s energy usage affects the local power grid. The order, published by the country’s Minister of Digital Development earlier this week, compels digital mining businesses to provide comprehensive information 30 days before starting operations. The electricity consumption and “technical specifications” for connection to the power grid must be provided before commencing operations. The amount and type of mining equipment used, the customs cargo declarations for that equipment and any investments planned for the next 12 months must also be …

The world’s energy market is rapidly evolving, moving from hydrocarbon plants to a future centered around clean energy enabled by wind and solar power. As such, today’s energy market is shifting to an increasingly decentralized, real-time model based on distributed energy resources (DERs) including battery energy storage systems, solar arrays, natural gas generators and more. Recent findings from Allied Market Research show that the global distributed energy generation market size was valued at $246.4 billion in 2020, yet this number is predicted to reach $919.6 billion by 2030. Web3 technologies for managing energy assets Given today’s advancing energy market, Jesse …

The energy usage and environmental impact of Bitcoin (BTC) mining have been frowned upon and been under the scanner by various international financial institutions. The International Monetary Fund (IMF) mentions how Bitcoin mining consumes “vast amounts of computing power and electricity.” Bitcoin mining is an energy-consuming process, as it is a proof-of-work (PoW) blockchain network that involves providing cryptographic proof to the network that a quantified amount of a specific computational effort has been used. The information used to verify this is stored in a block to be accepted into the network by other participants. Elon Musk, one of the …

One of the main themes among the crypto community in 2021 was China’s aggressive policy toward mining, which led to a complete ban on such activities in September. While mining as a type of financial activity has not gone away and is unlikely to disappear, Chinese cryptocurrency miners had to look for a new place to set up shop. Many of them moved to the United States — the world’s new mining mecca — while some left to Scandinavia and others to nearby Kazakhstan, with its cheap electricity. Mining activities can’t stay under the radar forever, and governments around the …

Amid the Russian government continuing working hard to come up with cryptocurrency regulations, a federal ministry has made another proposal regarding the crypto mining industry. Russia’s Ministry of Economic Development has greenlighted the concept of crypto mining regulation in the country, proposing to allow mining operations in areas with “sustainable surplus in electricity generation,” local news agency Izvestia reported Tuesday. As part of the proposal, the ministry suggested introducing lower fees for setting up mining farms and data centers in specific Russia’s areas as well as offering reduced energy rates for such facilities. The ministry also wants to establish a …

Solana (SOL), one of the most active proof-of-stake (PoS) blockchains, appears to be a PoS protocol consuming the lowest amount of electricity per transaction, according to a new report. The Crypto Carbon Ratings Institute (CCRI), a research startup focused on the environmental impact of cryptocurrencies, released on Wednesday a new report calculating the electricity consumption and carbon footprint of major PoS blockchains. The CCRI specifically analyzed PoS networks including Cardano, Solana, Polkadot, Avalanche, Algorand and Tezos. According to the CCRI’s findings, the Solana blockchain consumed 0.166 watt-hours (Wh) of electricity per transaction within the study, becoming the most energy-efficient PoS …

With Winter Storm Landon expected to hit parts of Texas this week, major crypto mining firms are powering down in anticipation of high demands on the state’s power grid. Speaking to Cointelegraph on Wednesday, Riot Blockchain’s communications director Trystine Payfer said that the company’s data center in Rockdale already had “99% of [its] power currently shut off” since beginning curtailments on Feb. 1, with demands on the grid expected to peak on Thursday night. In addition, Bitcoin (BTC) mining firms with representation in the Texas Blockchain Council sent a letter to Texas Governor Greg Abbott informing him they planned to …

Global credit rating agency Fitch Ratings is warning public power utilities across the United States to mitigate the risk crypto mining could post their production of power. In a Monday notice, Fitch Ratings said that only utilities in states like Washington, which have excess generation capacity, may be capable of meeting the power requirements of many crypto mining operations. The agency claimed that though some crypto mining firms can become “the largest customer in a rural service territory,“ the operations typically bring in “very little additional economic benefits” from jobs or boosting the local economy. “The volatile and unregulated nature …

El Salvador President Nayib Bukele has claimed officials will be able to use geothermal energy from one of the country’s inactive volcanoes to power its Bitcoin City project. In a Sunday notice, Bukele said there was a 90% probability of using the Conchagua volcano to supply 42 megawatts — “enough to provide energy to the entire Bitcoin City,” according to the president. The El Salvadoran leader said the state-owned electrical company LaGeo was continuing to increase its production of geothermal power from different volcanoes in the country, with one of the sites believed capable of producing 95 MW. Conchagua, located …

Tezos, a privacy focused blockchain network, released its carbon footprint report from PricewaterhouseCoopers Advisory SAS — a French member firm of the PwC network of member firms. The PwC report reflects drastic improvements in energy efficiency for Tezos since moving from a proof-of-work (PoW) mining consensus to a proof-of-stake (PoS) one. The PwC report highlighted a significant decline in carbon emission by Tezos network despite a rise in network activity. Tezos blockchain accounted for 50 million transactions while, according to the report, the whole network constituted an energy footprint of 17 world citizens. The energy efficiency for each transaction on …

The exodus of Bitcoin miners from China into Kazakhstan has contributed to an energy crunch that the central Asian country’s president has proposed solving with nuclear energy. Kazakhstan’s Ministry of Energy has attributed the 8% increase in domestic electricity consumption throughout 2021 to Bitcoin miners. The country received at least 87,849 Bitcoin mining machines from Chinese companies so far this year following China’s crackdown on crypto mining, according to data from the Financial Times. The substantial increase in demand has led to a deficit in the domestic power supply and contributed to unreliable electricity services, according to the Kazakhstan Electricity …

During a meeting with representatives of the financial sector on Friday in Almaty, Kassym-Jomart Tokayev, President of Kazakhstan, expressed his opinion on the current state of affairs of the country's cryptocurrency industry. The details of the speech were posted on the official website of the President of the Republic of Kazakhstan, and translated by Cointelegraph: Cryptocurrencies are an objective factor that cannot be simply ignored. It is necessary to clearly evaluate their potential to influence the current financial system. President Tokayev speaking at a conference | Source: Akorda.kz He then added: Therefore, work should be resumed on the formation of …