ROME. The uprisings in Kazakhstan and the government’s decision to block access to the Internet are putting the global computing power of the bitcoin network in difficulty. What many expected within hours of the outbreak of the protests has come true: thehashrate, the term used to indicate the computing power of the computers of miners and bitcoin network managers, fell by 14% according to data reported by the mining company Btc.com. This would result in a slowdown in bitcoin transactions and a substantial inability to mine new ones.
The former Soviet republic in the last 12 months has become the second country in the world for the extraction and transition of cryptocurrencies, just behind the United States. According to the latest data available, those of May, 18% of mining world takes place in Kazakhstan, after many companies in the sector have decided to move there from China to take advantage of the country’s low energy costs and avoid the crackdown on this activity decided by the Beijing government.
The Financial Times calculated that around 88,000 cars were moved from China and the thriving business of mining it has already caused the country problems with supplying the electricity grid, as confirmed by the Nur-Sultan government.
Curious that in these hours bitcoin and other cryptocurrencies record one of the strongest collapses in recent years, with the crypto queen falling 8%, slipping below $ 43,000. But the reason is hardly attributable to the Kazakh situation, while more likely it is an investor reaction to the Fed’s decision to end its accommodative policy earlier than expected by deciding to raise interest rates earlier than expected.
Revolt in Kazakhstan, Russian and allied troops arrive. Shooting on the crowd, officers killed and hundreds of wounded. Airports closed, TV offices and hospitals attacked
Kazakhstan, what is happening: the crisis explained in 2 minutes and the repercussions on Italy
