Russia will help Kazakhstan to complete the electricity needs of crypto miners


Russia-based company Inter RAO signed a commercial contract with the Kazakhstan Electricity Grid Operating Company (KEGOC), to improve the energy needs of both countries. 

In the past 6 months of time frame, the Russian government & its leading agencies like the Finance Ministry, Global trade ministry & Bank of Russia showed a highly positive stance toward the crypto sector following the Western financial & trade sanctions because of its Russian military invasions of Ukrainian army as a part of political conflicts of interest.

Recently a Russian media outlet reported that the government of Russia proposed a plan to improve the binational energy agreements between the two bordered countries. Under this initiative, Kazakhstan Electricity Grid Operating Company (KEGOC) entered into a commercial contract agreement with Russia’s Inter RAO. 

This commercial partnership will ensure the supply of electricity according to demand in Kazakhstan and also monitor the purchase-and-sale basis between both companies in a very ideal situation. 

Better opportunities for Crypto mining companies

In 2021, China banned cryptocurrencies fully from the country and Kazakhstan took advantage & welcomed all the Chinese crypto mining companies to set up their business in the friendly laws & environment of Kazakhstan. 

Due to the inflow of huge numbers of crypto mining companies, Kazakhstan saw a significant increment in Govt revenue & some increment in employment but on the opposite side the country started to face huge electricity outages in many parts of the country.

At present, the majority of the Kazakhstan-based crypto mining firms are not getting continuous electricity supply and these types of problems are resulting in significant losses for the crypto mining companies’ owners. 

If the latest move of both of these countries will work at a better level then surely it will bring a better situation for the Crypto Mining sectors. 

Read also: United States FSOC says cryptocurrencies may affect the traditional finance