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Bitcoin mining drops following protests in Kazakhstan

Bitcoin mining drops following protests in Kazakhstan

Following mass protests in Kazakhstan, the government decided to shut down the Internet. This caused a drop in Bitcoin mining since the country is home to 18% of the world's Bitcoin production capacity. 

Why is it so important? 

- The drop in Bitcoin production levels could affect the value of the digital coin

According to The Block, 1THash (down 82%), OKExPool (down 46.3%) and KuCoinPool (down 22.7%) got the biggest damage. There was also a decrease in hashrates in the main pools, namely, by 12.8% in F2Pool, by 11.6% in AntPool, and by 19.2% in ViaBTC.

The overall decline in hash rates has not turned out to be as dramatic as last year when China banned mining due to the evolving energy crisis. However, the ongoing political crisis in Kazakhstan could suspend mining for a long time, affecting cryptocurrency prices worldwide.

As a reminder, following the ban on mining in China, many production facilities moved to the United States, Russia, and Kazakhstan. The Kazakh government is actively trying to regulate this activity, forcing owners to register and pay taxes officially. So, as of December 2021, more than 100 mining farms were formally operating in the country.   

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