Bitcoin's network hashrate fell by 13,4 % amid protests in Kazakhstan
The total hashrate dropped from 205 000 PH/s to 177 330 PH/s in a few hours after the internet outage
06.01.2022 - 10:45
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What’s new? On January 5, Kazakhstan, the world's second-highest hashrate bitcoin mining country, experienced political unrest due to a spike in fuel prices. As a result, the country's current Cabinet resigned and Kazakhtelecom disconnected the internet in the country. This caused the bitcoin network's hashrate to drop by 13,4 %.
What is the result? The move dealt a serious blow to bitcoin mining. According to YCharts.com, the total hashrate decreased from 205 000 PH/s to 177 330 PH/s within hours of the shutdown. Kazakhstan accounts for 18% of the bitcoin network's hash activity.
Why did the miners migrate to Kazakhstan? The low electricity prices in the country have attracted companies from around the world to set up bitcoin mining farms. According to Global Petrol Prices, the electricity in Kazakhstan costs an average of just $0,055 per kWh for businesses, which is half the $0,12 per kWh that the US businesses pay.
Kazakhstan's Association of Blockchain and Data Centers Industry was expected the country to generate $1,5 billion from legal cryptocurrency mining over the next five years.
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