Kazakhstan’s Internet shutdown has led to a decrease by 18% of the global Bitcoin production and the price of BTC crashed to lows not seen since September because of the internet blackouts in the country so let’s read further in the latest Bitcoin news.
The world’s most used crypto lost about 8% in value and dropped to below $41,000. investors decided to dump their coins because of the events in the Central Asian region especially now because of Kazakhstan’s internet shutdown and the ban in China for mining crypto. China banned mining crypto because of the huge amount of energy that it uses which in Kazakhstan is about 8% of the total generation capacity.
Mining in Kazakhstan is powered mostly by coal mines which is a huge issue for the governemnt. The price of BTC crashed to lows not seen since September because of the internet blackouts in the country which is the second biggest country for BTC mining. Bitcoin lost about 8% of the value and crashed below $41,000 as the investors dumped their coins mainly spurred by the ongoing events in the region. In the protests in Kazakhstan, many died and public buildings have been set on fire and destroyed in what is seen as the worst violence experience by the former Soviet Republic in 30 years of independence.
The unrest was fuelled by public anger over the country of 19 million former ruler Nursultan Nazarbayev and his family that amassed a huge fortune and also because of the hike in gas prices. The security forces regained control over the streets of the main city Almaty and the president said constitutional order has been restored after days of clashes and violence where about 26 demonstrators were killed and 18 law-enforcement officers died. The calm down happened after 2500 Russian “peacekeepers” from the Collective Security Treaty Organisation arrived in the country at the request of president Kassym-Jomart Tokayev.
As recently reported, The crypto miners in Kazakhstan became quite popular as many of the Chinese miners moved to the country because of the tight ban they imposed in the country. A few months down the line, however, it is emerging that Kazakh-miners are being fed up with electricity shortages. Some miners reproted nearing bankruptcy because of the national grid’s inability to supply consistent power. Just as the country became a huge global mining hub, it seems that things went south as miners started to leave.
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