Affiliation:
1. Philosophical Sciences, Independent Researcher, Foggia, Italy
Abstract
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.
Publisher
Vilnius Gediminas Technical University
Reference36 articles.
1. An, J., Dorofeev, M., & Zhu, S. (2020). Development of energy cooperation between Russia and China. International Journal of Energy Economics and Policy, 10(1), 134-139. https://doi.org/10.32479/ijeep.8509
2. Ashimbayev, T., & Tashenova, S. (2018). Prospects for using cryptocurrency in the economy of Kazakhstan and the attitude of the National Bank. European Research Studies Journal, 21(4), 524-532. https://doi.org/10.35808/ersj/1140
3. Badea, L., & Mungiu-Pupazan, M. (2021). The economic and environmental impact of bitcoinBitcoin. IEEE Access, 9, 48091-48104. https://doi.org/10.1109/ACCESS.2021.3068636
4. Baek, C., & Elbeck, M. (2014). Bitcoins as an investment or speculative vehicle? A first look. Applied Economics Letters, 22(1). https://doi.org/10.1080/13504851.2014.916379
5. Baker, P. (2020, August 21). Bitcoin mining facility with room for 50,000 rigs set to launch in Kazakhstan. Coin Desk. https://www.coindesk.com/markets/2020/08/21/bitcoinmining-facility-with-room-for-50000-rigs-set-to-launchin-kazakhstan/
Cited by
2 articles.
订阅此论文施引文献
订阅此论文施引文献,注册后可以免费订阅5篇论文的施引文献,订阅后可以查看论文全部施引文献