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Singapore-Based Bitcoin Miner Scales Back Kazakhstan Project
SAI has terminated the second phase of 90MW power supply cooperation, part of a 2021 agreement with Better Tech Limited.
Andrew
6:25 4th Aug, 2022
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Concerns over power supply and cost uncertainties have prompted Singapore-based Bitcoin miner SAI.TECH (SAI) to terminate the remainder of its expansion plans in Kazakhstan, the Nasdaq-listed company said in a statement.

The decision stems from SAI.TECH receiving concerns from its power partners and hosting customers about its operation stability and costs, the statement said.

Operations had already been delayed due to national riots in Kazakhstan that commenced in January this year, the company said.

SAI will, however, continue to execute its first phase of cryptocurrency mining operation, which started in August last year and has 15MW of capacity.

Kazakhstan became the world’s second-largest Bitcoin producer last year after miners moved there following China’s mining crackdowns.

However, in an attempt to regulate the sector and curb illegal mining, Kazakhstan’s energy authority identified and disconnected 13 unauthorized crypto mining farms in the country earlier this year.

The Central Asian nation also ordered cryptocurrency miners to file regular status reports.

Source



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