Introduction
It is no secret that cryptocurrency mining activity in Kenya is booming. Since Kazakhstan lifted its mining ban, African nations have shown increasing interest in mining the popular digital currency. However, no African country contributes more than 0.14% of the Bitcoin hash rate, which is Egypt. As the data set for African hash rates are notoriously poor, it is difficult to know how much mining activity occurs in any given country. If you are new to Bitcoim, check out how to sell products online for Bitcoins.
Cryptocurrency mining activity in Kenya is not slowing down.
Kenya has a growing cryptocurrency industry. The country has several reputable cryptocurrency mining companies, and one in particular, BitHub, is the center of the crypto community in Nairobi. Its mining operations employ more than a thousand people, including entrepreneurs, students, and professionals from diverse industries.
Cryptocurrency mining is an industry that is mainly flexible and adaptive. Mining companies have shown an eagerness to shift operations to locations that are more beneficial to the industry. This is one reason why mining activity in Kenya is not slowing down. The country has the potential to become one of the top locations for Bitcoin mining.
Kenya is an ideal location for mining.
Kenya is poised to become one of the top mining destinations in the world. The government expects mining activities to generate at least $1.5 billion in revenue within the next five years. With the country’s high rate of crypto adoption and high volume of peer-to-peer transactions, Kenya is already an ideal location for bitcoin mining.
The country is home to a geothermal power station that could supply electricity to bitcoin miners. KenGen, an electric power generating company in East Africa, plans to sell any surplus geothermal power to mining companies. Geothermal power is derived from the heat within the earth’s crust and accounts for 39% of KenGen’s total energy production. The central geothermal power station is located around 100 kilometers from the capital city of Nairobi. Kenya has one of the world’s largest geothermal energy reserves.
Kenya has seen a massive rise in cryptocurrency prices in recent years. The central bank of Kenya recently released a document detailing its intention to study the use of digital currency. It also noted the success of the M-Pesa mobile banking system.
Kazakhstan’s ban on mining has ended.
Bitcoin mining has become a big business in Kazakhstan. The country was once the world’s leader in the field, but restrictions by the government led the industry to migrate to more stable and friendlier states. The abundance of cheap energy in Kazakhstan made it attractive for mining groups. The country is home to a large amount of coal and fossil fuels, which make up 90% of the country’s power supply.
The government of Kazakhstan is working to crack down on illegal mining in the country. It is concerned about the strain on the power grid resulting from a large number of illegal miners. According to estimates, illegal mining can consume around a gigawatt of energy yearly. However, the country’s government does not want to see the economy suffer due to mining.
The government of Kazakhstan has banned cryptocurrency mining in the country for the time being. The ban was introduced on January 24 and will remain in place until the end of the month. The ban was implemented as a reaction to energy shortages in the country. The ban is intended to keep miners from disrupting the national energy grid. However, it is unclear if mining will continue in the country after the embargo ends.
African nations are showing interest in mining.
A new company from Ghana is showing interest in Bitcoin mining. The company’s social media pages are filled with photos of their building facilities. The company also reported building off-grid solar mining operations in Zimbabwe. Another Ghana mining company claims it recently energized the region’s first mining operation. The key to Bitcoin mining in Africa is abundant energy.
Though most African nations haven’t adopted the cryptocurrency mining industry yet, it’s possible that more will start to. The price of Bitcoin has risen significantly in the past few years, and the continent has enormous energy resources. This is expected to lead to a booming Bitcoin mining industry in Africa.
While Africa is a very diverse continent, some commonalities exist among its countries. African countries share similar trends and economic issues, such as high inflation rates and unstable currencies. These countries also have problems with infrastructure and capital controls.
Conclusion
Kazakh officials are trying to discourage Bitcoin miners from setting up their operations. There are already protests in the country, and the government has cut off the power supply to miners. The shutdown has jeopardized public safety and left many without access to their friends and family. But it also shows the resilience of the Bitcoin network. It doesn’t skip a beat, even when miners are forced offline. And as Kenya grows in popularity, a fresh influx of cryptocurrency miners may be coming to the country.
