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3 Cents per kWh – Central Asia's Cheap Electricity Entices Chinese Bitcoin Miners

As tensions escalated between the U.S. and Iran in recent months, reports have detailed that Chinese bitcoin miners are looking to set up shop in Central Asia and more specifically in Kazakhstan and Uzbekistan. Last spring, Chinese bitcoin mining operations flocked to Iran for extremely affordable electric prices ($0.006 per kilowatt-hour) in the oil-rich nation, but now Chinese miners are finding it easier to migrate to Central Asia for $0.03 per kWh in certain countries.

Cheap Electricity

Chinese Miners Consider Moving Older Units and Operations to Central Asia

Regional reports have disclosed that Chinese bitcoin miners have been considering migrating to Central Asia for cheaper electricity. Last April, a few Chinese mining operations moved to Iran in order to get electric prices at $0.006 per kilowatt-hour, but the authorities made that difficult. Even though Iran’s leaders legalized mining in the country, they also said that miners must pay the export price for electric consumption.

In November, officials from the Iranian grid explained that electrical costs would fluctuate for bitcoin miners. The fluctuation could vary during specific months between $0.04 per kWh (9,650 rials) and $0.16 per kWh. However, in Central Asia, electrical prices stemming from an abundance of gas and coal plants mean that bitcoin miners could get $0.03 per kWh or less in countries like Kazakhstan and Uzbekistan. 8btc columnist lylian Teng discussed the subject with a Chinese miner, Wu Zheng, who says Chinese miners are attracted to Central Asia’s prices. Read More...