Kazakhstan Buying Electricity from Energy Self-Sufficient Russia for Eliminating Crisis Caused By Digital Currency Miners 0 89

The Government of Kazakhstan through its Ministry of Energy has been holding talks with Russia’s biggest power producer Inter RAO for buying electricity from energy self-sufficient Russia for making up the shortfall caused by increased crypto mining activities going on in the country. Kazakhstan has estimated the shortfall to reach a level of 600 MW because in winters, the demand is relatively higher than the usual summer months.

It has been reported in the Russian press that Russia’s biggest power producer company, Inter RAO, had been contacted by the Government of Kazakhstan. Ministry of Energy, Kazakhstan had earlier sent a delegation to meet with the officials of Inter RAO. The delegation met with the Russian power producer for the purposes of exploring the opportunity of entering into a public-private partnership.

Thereafter, several talks have been held amongst the officials of Inter RAO and Ministry of Energy, Kazakhastan. It has been confirmed now that Kazakhstan will be buying electricity from energy self-sufficient Russia since November, 2021.

An official of Inter RAO explained that there has been tremendous growth in power consumption in Kazakhstan. Each year the country is recording a 7% increase in the overall power consumption. The major cause of this consumption increase is the existence of crypto mining farms in Kazakhstan. In fact, in the past two years, mining farms in Kazakhstan have increased in triplets. Even the migrating miners from China too are settling in Kazakhstan because of several reasons. The first reason being that the electricity cost in Kazakhstan is on a very low side, even though it had been increased multiple times since past year. However, there is currently an acute shortage of electricity in the country.

Even the Government in Kazakhstan is blaming the miners for causing severe electricity crisis. At one point in time, the regional energy authority in Kazakhstan suspended electricity going to the miners. This then caused huge hue and cry and the Federal Government had to intervene and restore the connection. However, the Government does not expect a decrease in the power consumption. Instead, it believes that the consumption would continue to increase because mining is a legal and licensed activity. So the Government cannot stop miners from utilizing the electricity. In fact, the miners are paying extra money on top of normal electricity unit and commercial unit price.

Alexandra Panina, who is in Inter RAO’s management, said that in the history of Kazakhstan, it has seen its first power crisis. Even though winter is there, yet the shortage is acute and beyond alarming levels, otherwise in these months there is reduced load. However, because of mining activities, the load remains on the higher side even during the winter months. So there is no escape for Kazakhstan which will eventually have to face the challenge. If they cannot produce then buying from energy self-sufficient neighboring countries is the right option, said Panina.

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Performance of Bitcoin, Ethereum, Binance Coin, and more Major Cryptocurrencies in Past 7-Days 0 87

Among major cryptocurrencies, the cryptocurrency on top of the list is Bitcoin (BTC), demonstrating a 7.73% plunge in the past 7-days. In addition to the past 7-days, BTC has demonstrated a 0.88% plunge in the past 24-hours, bringing its price down to $54,367.96 per BTC. In the past 7-days, the trading volume presented by BTC is $301,590,859,341, and as for the past 24-hours, the trading volume has been $27,123,144,567. Bitcoin’s market capitalization is $1,025,528,906,349.

The next cryptocurrency after BTC is Ethereum (ETH) that has demonstrated a 6.72% plunge in the past 7-days. In addition to the past 7-days, ETH has demonstrated a 1.43% plunge in the past 24-hours, bringing its price down to $4,069.74 per ETH. In the past 7-days, the trading volume presented by ETH is $153,390,144,193, and for the past 24-hours, the trading volume has been $14,288,475,596. ETH’s market capitalization is $482,536,352,740.

The next cryptocurrency after ETH is Binance Coin (BNB) that has demonstrated a 1.25% surge in the past 7-days. In addition to the past 7-days, BNB has demonstrated a 0.36% plunge in the past 24-hours, bringing its price down to $594.64 per BNB. In the past 7-days, the trading volume presented by BNB is $11,052,991,055, and as for the past 24-hours, the trading volume has been $2,624,786,716. BNB’s market capitalization is $99,339,989,069.

The next cryptocurrency after BNB is Solana (SOL) that has demonstrated an 11.31% plunge in the past 7-days. In addition to the past 7-days, SOL has demonstrated a 4.70% plunge in the past 24-hours, bringing its price down to $188.92 per SOL. In the past 7-days, the trading volume presented by SOL is $17,623,413,018, and for past 24-hours, the trading volume has been $1,532,855,227. SOL’s market capitalization is $57,691,831,963.

The next cryptocurrency after SOL is Cardano (ADA) that has demonstrated a 19.82% plunge in the past 7-days. In addition to the past 7-days, ADA has demonstrated a 3.38% plunge in the past 24-hours, bringing its price down to $1.50 per ADA. In the past 7-days, the trading volume presented by ADA is $10,794,051,803, and as for the past 24-hours, the trading volume has been $1,576,176,273. ADA’s market capitalization is $50,142,620,175.

The next cryptocurrency after ADA is XRP (XRP) that has demonstrated a 13.32% plunge in the past 7-days. In addition to the past 7-days, XRP has demonstrated a 2.03% plunge in the past 24-hours, bringing its price down to $0.934 per XRP. In the past 7-days, the trading volume presented by XRP is $21,134,881,131, and for past 24-hours, the trading volume has been $2,324,678,870. XRP’s market capitalization is $44,036,264,454.

The next cryptocurrency after XRP is Polkadot (DOT) that has demonstrated an 18.52% plunge in the past 7-days. In addition to the past 7-days, DOT has demonstrated a 4.19% plunge in the past 24-hours, bringing its price down to $33.81 per DOT. In the past 7-days, the trading volume presented by DOT is $14,474,918,716, and for the past 24-hours, the trading volume has been $1,197,508,287. DOT’s market capitalization is $33,318,274,781.

Paytm Founder Believes Crypto is Here to Stay 0 83

One of the most prominent digital payment companies based in India is Paytm and its founder recently shared his views about the cryptocurrency space. He appears to be quite positive about crypto and notes that it is here to stay. As a matter of fact, he thinks that crypto will become a mainstream technology in a couple of years. The Indian Chamber of Commerce (ICC) organized a virtual conference on Thursday that provided Vijay Shekhar Sharma the opportunity to speak. Paytm’s founder said that cryptocurrency will stay and is the answer Silicon Valley has to Wall Street. 

A multinational technology company, Paytm is based in India and specializes in digital payments. Last week, the company completed its Initial Public Offering (IPO). Paytm disclosed in its IPO filing that its total number of registered users has reached an impressive 337 million and is dealing with 22 million merchants. Sharma opined that he was very positive about cryptocurrencies because they are based on cryptography and in a couple of years, they would also become a mainstream technology very much like the internet that has now become a part of our daily lives. The Paytm founder did admit that currently, people were only using crypto as a means of speculation.

He elaborated that right now, every government appears to be confused about cryptocurrency, but in a time span of five years, crypto would become mainstream technology. Sharma thinks that people will come to see what the world will be like without crypt. But, he was quick to add that this doesn’t imply that digital currency would actually replace sovereign currencies, such as the Indian rupee. The Paytm founder also added that once his company’s revenue goes past the $1 billion thresholds, he will launch the service in some developed countries as well. 

Currently, he said that Paytm was running the largest payments system in Japan in a JV, but they would go without a partner later on. The Chief Financial Officer (CFO) of Paytm, Madhur Deora had said early this month that his company was considering offering bitcoin services to people, if cryptocurrencies are to be legalized in India. However, this does not seem to be likely any time soon because the Indian government has certainly not taken a positive stance towards these crypto assets. As a matter of fact, the government recently made headlines as it is pushing for crypto legislation in the country and not the good kind.

It is expected that a crypto bill will be introduced and passed in the parliament’s winter session that will begin next week. The purpose of the bill is to impose a ban on private cryptocurrencies, but there are expected to be some exceptions. But, since the bill has not been published, it is not clear as to what kind of exceptions will be applicable. There have been conflicting reports and debates, as some people believe that it just might legalize a few cryptocurrencies, while others believe it will ban them completely in favor of the digital rupee to be introduced by the Reserve Bank of India (RBI). 

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