Monday, July 22, 2024

BIT Mining Evaluates Impact of Political Unrest In Kazakhstan.

Instead of leaving the unstable Central Asian country like fellow crypto miners, BIT Mining is evaluating the impact of political unrest in Kazakhstan. A spokesperson for the bitcoin mining company said it is very much unlikely for their mining machines to be shifted to North America. The spokesperson highlighted that BIT Mining will be monitoring the situation very closely.

However, Kazakhstan is not the company’s main area of business. It already has deployed mid-to-high-end mining machines in North America. A report said BIT Mining will not withdraw its machines from Kazakhstan. Sources have revealed that some crypto miners in the troubled Central Asian country have managed to keep their units online despite the internet blackouts.

It has come to light that the internet was temporarily restored on January 7 and the 4G networks of Chinese mobile phones are intermittently effective. The crypto industry hopes that Kazakhstan will return to normalcy by Monday.

Moreover, reports have surfaced highlighting that some crypto miners’ work was unaffected as they are located in far-flung remote areas. The social movement and political unrest were concentrated in Almaty, which is an urban area. But some miners in the urban areas were affected by internet blackouts and network interruption.

Overall, the political unrest in Kazakhstan has had little to no effect on bitcoin’s global hash rate. According to Blockchain.com, the total bitcoin hash rate has not declined since the beginning of 2022. This piece of information is a much-needed relief to the crypto industry which has been impacted because of the Federal Reserves’ plans to raise interest rates, prompting a BTC and Ether to take a fall.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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