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Kazakhstan could turn to nuclear power to keep its Bitcoin mining industry running


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As per Nikkei Asia, Kazakhstan’s president Kassym-Jomart Tokayev has suggested building a nuclear plant to sustain Bitcoin mining in a bid to support the profitable crypto mining activities in the nation 

“Looking into the future, we will have to make an unpopular decision about the construction of a nuclear power plant,” said Tokayev in a bankers meeting held in Almaty last Friday.

Tokayev first discussed the idea of building a nuclear power plant with Russia’s President Vladimir Putin in April 2019. However, the idea could not be acknowledged following the heavy criticism that it received back then. 

The critics were quick to respond, referring to the nuclear plant idea as an “ecological disaster” in the making. Despite growing unease among Kazakh’s citizens, President Tokayev is keen on pursuing the idea and have addressed the apprehension of citizens regarding constructing a nuclear plant as “inappropriate” 

Kazakhstan’s looming power crisis

Kazakhstan boasts low-cost electricity prices that have transformed the country into a popular crypto mining spot. When China imposed a heavy crackdown on Bitcoin mining activities in its country, a large group of ousted miners took refuge in Kazakhstan, where they could mine crypto without excessive government intervention and could make use of its easily accessible and cheap electricity to mine Bitcoin. 

To fuel the growing demand for Bitcoin mining, the country’s energy supply had to double over to accommodate such a large influx of crypto miners.  

According to Cambridge Bitcoin Electricity Consumption Index’s IP data, Kazakhstan controls approximately 35% of Bitcoin mining power, which is second to that of the United States. 

Due to this sudden increase in crypto mining activities in Kazakhstan, the nation is now facing a heavy power crisis where its citizens are now experiencing frequent power outbreaks. 

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Posted In: Bitcoin, Mining
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Why Ethereum creator Vitalik Buterin is excited about ‘crypto cities’ running on DAOs and NFTs


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In a speech delivered by Vitalik Buterin on SG Blockchain Day 2021, the Ethereum co-founder addressed core crypto issues and discussed how major cities in the US and the world are adopting cryptocurrency and blockchain tech to simplify financial transactions. 

Buterin suggests new ways to implement crypto tech

Buterin lauded the newly introduced Miami and New York coins, which have been built as independent crypto coins and are powered by CityCoins.co to streamline financial transactions. “It would encourage residents in those cities to do things to make those city coins useful,” Buterin stated. 

Recently, mayor Suarez of Miami stated in an interview that he will be distributing additional yields earned on Miami Coin to its residents.  

A similar statement was made by mayor Hillary Schieve of Reno, Nevada, where she proposed a plan that includes using NFT sales to support local projects. Wyoming, which is known for its crypto-friendly laws, is officially a CityDAO and is actively working towards establishing blockchain cities in the real world. 

“Instead of being governed by a token, the governance is based on citizen NFTs, and eventually, the governance might even be limited to a maximum of one vote per person,” remarked Buterin. “A lot of experiments, but it’s still a field that is at a very early stage, which on the one hand means that there isn’t a playbook, but on the other hand, means that there are a lot of opportunities,” he added. 

More crypto usecases

Buterin also highlighted some potential use cases that the government could implement to make crypto cities a reality. “When taxpayers pay taxes, there would be an on-chain minting event that mints an amount equal to their tax payment,” Buterin said. 

“There would be a cryptographic receipt that proves that the number of coins minted equals the amount of taxes that got paid. If you don’t want to reveal exactly what amounts people paid in taxes, there are even ways to do it in zero-knowledge.”

Buterin also mentioned that such transactions will maintain transparency in their processing which will instill a sense of trust among people when it comes to adopting cryptocurrency transactions. 

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