Vice Chairman of the Kazakhstan Crypto Technology Association: Kazakhstan has sufficient backup power and should encourage mining

According to Eurasia.net, Leonid Muravyev, deputy chairman of the Kazakhstan Blockchain and Cryptocurrency Association, said that Kazakhstan currently generates much less electricity than it can produce, and that Kazakh lawmakers should encourage cryptocurrency mining, saying it could become Kazakhstan's "new oil."

Muraviev claims that the country has backup electricity equivalent to about half of the electricity consumed by Bitcoin operations worldwide. Data from the Ministry of Energy shows that Kazakhstan's electricity generation in winter is 20% lower than its potential. Muraviev believes that Kazakhstan is in a unique position to take advantage of the rise of cryptocurrency.