Categories: News

Bitcoin network suffers from impact of unrest in Kazakhstan on cryptocurrency mining

The global computing power of the bitcoin network dropped dramatically as the suspension of the internet in Kazakhstan during the country’s deadly revolt affected the country’s fast-growing cryptocurrency mining industry.

Kazakhstan last year became the world’s second largest bitcoin mining center after the United States, according to the Cambridge Center for Alternative Finance, after the main center, China, cracked down on cryptocurrency mining activity.

Russia sent paratroopers to Kazakhstan on Thursday to help quell the national revolt affecting the former Soviet state. Police said dozens of protesters were killed in the main city, Almaty, while state television claimed 13 members of the security forces were killed.

On Wednesday, the internet was shut down across the country, in what the Netblocks monitoring site called “a nationwide internet blackout.” The move is likely to have prevented Kazakh miners from accessing the Bitcoin network.

Bitcoin and other cryptocurrencies are created or “mined” by high-powered computers, usually in data centers around the world, competing to solve complex mathematical puzzles in an energy-intensive process.

In August of last year, the most recent data available, Kazakhstan accounted for 18% of the global hashrate, the term used in cryptocurrency jargon to refer to the amount of computing power used by computers connected to the network of bitcoins.

Bitcoin fell below $ 43,000 on Thursday, hitting multi-month lows, at a time when investor appetite for riskier assets waned after Federal Reserve minutes indicated its policymakers lean. for more aggressive policy action.

The Great Writer and The Passionate Poet As Well, He Graduated from University Of Florida in Journalism and Brad have around 12 years of experience in news and media section.

Recent Posts

Uniswap (UNI) Reaches New Heights as DeFi Activity Surges

Uniswap (UNI), the native token of the biggest decentralized exchange protocol, has risen to $8.…

4 weeks ago

Decentralized Oracles Drive Chainlink’s (LINK) Growth

Chainlink (LINK), the most popular decentralized oracle provider, has witnessed its token LINK rise to…

4 weeks ago

Chainlink (LINK) Resurges as Oracle Demand Grows Across Blockchain Ecosystems

LINK, Chainlink’s native token, has surged back to the list of top trending cryptocurrencies as…

1 month ago

Pyth Network (PYTH) Declines by 3.23% Amidst Surging Trading Volume

Pyth Network (PYTH) has recently been on an uptrend with the token increasing by 3.…

1 month ago

The Sandbox (SAND) Experiences 3.78% Decline Amidst High Trading Activity

The Sandbox (SAND) has recently encounter a 3. There was a fall of 78% of…

1 month ago

Ethereum Rivals Rise And More Issues That Will Move The Crypto Market

Ethereum, as the second-largest cryptocurrency by market capitalization, has been a dominant force in the…

2 months ago