This Week in Mining: August 10th

Here’s what is going on this week in the mining industry:
  1. Kazakhstan is considering taxing crypto miners at a flat 15% rate in an effort to find new ways to fund infrastructure programs and offset the effect of COVID-19. According to Kazakhstan’s government report, 6% of global Bitcoin hashing power comes from the country.
  2. An paper published in the scientific journal Joule claims that Bitcoin mining accounts for 66% of total cryptocurrency mining, and that most estimates that take into account environmental impacts do not account for the remaining 34% of electricity usage by altcoin miners. The paper speculates on the climate impact of proof of work mining, which is a topic that has been studied and debated for some time. It’s worth noting that a large majority of Bitcoin mining utilizes renewable energy sources and this number will continue to increase as miners seek to increase efficiencies and lower their energy costs.
  3. Five Malaysian cryptocurrency miners were caught siphoning electricity from state-run sources by directly tapping power cables and avoiding usage meters.
  4. The stocks of two publicly traded Bitcoin mining firms, Riot Blockchain and Marathon Patent Group, have outperformed Bitcoin over the course of the last 12 months. This comes at a time of renewed interest in cryptocurrencies.