The global computing power of the bitcoin network dropped sharply as the shutdown this week of Kazakhstan crackdowns hit crypto miners internet during a deadly uprising hit the country’s fast-growing cryptocurrency mining industry.
Kazakhstan’s recent Internet crash during a deadly uprising has hit the country’s fast-growing cryptocurrency mining industry. As a result, the global computing power of the bitcoin network is very good
Tom Wilson, Reuters cryptocurrency reporter:
“It is therefore fair to say that the secret currency as a whole is more sensitive to the affairs of the country than it was before.” Last year, Kazakhstan crackdowns hit crypto miners became the world’s second largest bitcoin mining center after the U.S. This was after a major Chinese company participated in the crypto mining industry.
“Like all things in the cryptocurrency world, bitcoin mining instead of the opaque industry … That ‘s, a report from the University of Cambridge last year showed that in August, Kazakhstan accounted for about 20 percent of global computing power. from about eight percent in April so there is a rapid increase in the number of cryptocurrency miners in Kazakhstan. ”
Cryptocurrency mining dropped
Bitcoin and other cryptocurrencies or Cryptocurrency mining dropped are created or “mined” by powerful computers. In different parts of the world, large data centers compete to solve mathematical dilemmas in a highly demanding process.
“Last year China, the world’s largest cryptocurrency miner, encouraged massive crackdown on cryptocurrency mines. And that meant many mining companies fled to China for cheap electricity. In Central Asia, Kazakhstan is one of those areas.”
The recent uprising in Kazakhstan began with protests against rising fuel prices on New Year’s Day.
- On January 5, the Internet was shut down across the country.
- The move likely prevented Kazakh miners from accessing the bitcoin network.
” And with the online closure on Wednesday, the global computer capabilities of bitcoin have dropped dramatically. That in theory makes it easier for miners to produce bitcoin, and could lead to the future of more bitcoin in the market, and that in theory could put a lower pressure on bitcoin prices. ”
Bitcoin on January 7 fell 5% to the lowest since the end of September, falling below $ 41,000 amid the wide sale of cryptocurrencies.
Security forces have reportedly taken control of the streets of Almaty, Kazakhstan’s largest city, after days of violence.
“And it ‘s not really clear how far geopolitical factors fit into this, but we can see from what happened in Kazakhstan recently and the widespread crackdown on cryptocurrencies by China last year, that the attitude of governments and financial regulators. of crypto. ”
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