IEO FACITE - Blockchain Business Model In Kazakhstan

Mining digital assets at first did not attract much interest from people who owned digital assets. They tend to prefer to buy digital assets or invest in certain types of digital assets rather than having to do mining. Mining is one method that can help to obtain digital assets. The types of digital currencies that can be mined also differ depending on the policies of each platform that creates them. Most of the dominant digital platforms have opened up the facilities for acquiring digital assets through mining. However, mining is not as easy as imagined. The process that must be passed to mine digital assets tends to be very complicated and requires a long time. Users must also have special knowledge before mining. This activity will involve a number of procedures such as solving mathematical problems to be able to open blocks of digital assets in them. Apart from being complicated, mining also requires unusual equipment. There are special devices that must be provided for mining where the price is very expensive. In addition, users also need to prepare a lot of other equipment to mine. In terms of electrical power, this activity will consume a lot of power because of the severity of the operation that takes place. This makes the majority of cryptocurrency users reluctant to do mining even though the amount of assets they get has a great chance of benefiting.

The mining process involves the location of a country. Although this process takes place digitally, environmental factors have an influence on this activity. Not all regions can do mining. This is because each region has a different geographical condition which turns out to have a direct influence on mining activities. Because it involves considerable use of power and requires a stable internet network, this makes geographical conditions affect the mining activities of digital assets. Mining will involve a mining company. Their function is to provide facilities and ensure continued management of the process under controlled conditions. This company has a role that is almost the same as the node but the scale is bigger.

There are several regions that have been considered not optimal for carrying out mining activities such as China. Population density and the high activity that takes place there make the network system in the country less suitable for use in mining activities. This then led to the idea of ​​finding new mining sites that were very strategic and supported in many factors, especially geographical. The Central Asia Region is the most appropriate choice where Kazakhstan will become a new mining center. Ideal environmental conditions and the availability of adequate resources make this country in accordance with the criteria sought. Therefore, the Kazakhstan government finally agreed to establish a digital asset mining infrastructure in their country to help improve its economy. By involving digital elements, the economy will increase faster and stay in a strong position.

The economic improvement project through process digitalization is officially held by Facite, a foundation that supports the development of a giant blockchain network infrastructure for better mining. This foundation builds a digital platform with the same name to create an environment that is devoted to cryptocurrency transactions. Facite seeks to develop the State of Kazakhstan through strengthening the digital economy. Asset assets in digital form are now becoming a new trend that continues to increase public interest in them. The project run by Facite is to build a solar power plant that will produce electricity that is specifically used to carry out mining operations. Because this activity will involve a large number of people, the supply of electricity must be sufficient so that Facite plans to build a solar power plant that can accommodate up to 2 million as well as mining machines measuring around 180 hectares.

With the implementation of this large project, it is expected that the income generated can meet every need of citizens of Kazakhstan. The effort to build a power plant system will also save more money to pay for personal electricity bills. By building this project seriously and together, there will be more people who can get involved in this activity but not be charged the cost of swollen electricity bills. The benefits obtained through the construction of this project will be allocated in part to empower the community. This will be one of the efforts to introduce a new system to supply electricity from renewable sources. This is a new business model and is the first in the world to seriously work on blockchain technology projects by involving the State government.

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