An attitude of the world countries to the use of cryptocurrency and analysis of the situation in Kazakhstan

Syzdykova, A.; Zhetibaev, Zh.

doi:10.32523/2079-620x-2020-3-147-156

Cited by 2 publications

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“…What is important to point out is that these restrictive measures, rather than from a green environmental policy, or from energy factors, or even from the need to safeguard the safety of citizens, could indicate the need to control and regulate every activity related to mining for encourage the launch of a state digital currency (Syzdykova & Zhetibaev, 2020).…”

Section: The Absence Of a Common International Legislation And The Ve...mentioning

confidence: 99%

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A Discussion on the Kazakh Energy Crisis of 2021: The Role of Cryptocurrency Mining Factories and the Environmental Implications

Basile

2022

12th International Scientific Conference “Business and Management 2022”

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This work investigates the factors determining the Kazakh energy crisis which occurred in the second half of 2021. From the correlation observed among some data gathered to the purpose of the analysis, the relevant role played in this by cryptocurrency mining factories is identified. Beginning from June 2021, a massive number of them were relocated to Kazakhstan from the Popular Republic of China (PRC) because of normative restrictions introduced by the latter. The work also develops a reflection aimed at understanding the economic and environmental impact which has been produced by this relocation. The descriptive analysis will proceed as follows: the first section of the article will focus on the regulation of cryptocurrencies; the second section will focus on final electricity consumption and sup-porting empirical evidence and is closely related to the third and last section; the latter will focus on primary macro-economic indicators in relation to the increase in CO2 emissions in the Kazakh republic. To this end, it is useful to demonstrate a correlation between the energy crisis, the transfer of cryptocurrency mining to Kazakhstan, and to fuel the discussion regarding the need for a supranational institution with the aim of codifying a common international legislation, thus reinforcing the efforts made so far in this direction. Present and future implications and scenarios de-rived by the analysis are also introduced.

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Section: The Absence Of a Common International Legislation And The Ve...mentioning

confidence: 99%

“…Such situation is fundamental for a rethinking of the role of international institutions that should guarantee the sustainability of the cryptocurrency mining (Lansky, 2019;Syzdykova & Zhetibaev, 2020). The energy crisis took place limitations; numerous studies confirm that final electricity consumption is very high (An et al, 2020).…”

Section: Introductionmentioning

confidence: 99%

A Discussion on the Kazakh Energy Crisis of 2021: The Role of Cryptocurrency Mining Factories and the Environmental Implications

Basile

2022

12th International Scientific Conference “Business and Management 2022”

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Which Factors Can Explain the Correlation Between Cryptomining Activities and Environmental Impact? A Theoretical Analysis

Basile,

Porcaro,

Pazienza

et al. 2023

International Scientific Conference „Business and Management“

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In 2021, a massive relocation of cryptocurrency mining farms from China to Kazakhstan caused one of the largest energy crises in Asia and Europe. This work aims at an understanding of the current debate of cryptocurrency mining activities on the environment. The review highlights: 1. The existence of a positive relationship between cryptomining activities and the deterioration of environmental quality; 2. The contribution of renewable energies and blockchain algorithms to mitigate the above effects. Main results suggest the need for a supranational institution to monitor the current cryptocurrency production to complement current policies by the European Commission and United Nations.

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An attitude of the world countries to the use of cryptocurrency and analysis of the situation in Kazakhstan

Cited by 2 publications

References 0 publications

A Discussion on the Kazakh Energy Crisis of 2021: The Role of Cryptocurrency Mining Factories and the Environmental Implications

A Discussion on the Kazakh Energy Crisis of 2021: The Role of Cryptocurrency Mining Factories and the Environmental Implications

Which Factors Can Explain the Correlation Between Cryptomining Activities and Environmental Impact? A Theoretical Analysis

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