Bitcoin mining was once, not long ago, booming in Kazakhstan. Then the government stepped in

A cautionary tale!

"Over the past few years, dozens of bitcoin mining operations have sprung up in the city of Ekibastuz in Kazakhstan and its surrounding area, drawn by the country’s cheap power, limitless land and a surfeit of unused buildings that mines. By the summer of 2021, Kazakhstan had risen to be a bitcoin mining superpower. 

But the gold rush was doomed from the start. Kazakhstan’s miners eventually overloaded the country’s energy grid, causing localized blackouts, and exacerbating existing tensions. In January 2022, these issues boiled over into mass protests. 

Within weeks, the government effectively cut miners off from the national grid, bringing the boom to an abrupt end.  ..."

Bitcoin mining was booming in Kazakhstan. Then it was gone. | MIT Technology Review