Tuesday, December 5, 2023

In the wake of Kazakhstan’s Bitcoin mining crash, a Spanish senator sees an opportunity

Bitcoin mining and related energy issues have made it to the headlines for quite some time now. When China banned all crypto-related activities in the country in 2021, it cited the harmful environmental effects of Bitcoin mining as the primary motivation behind the ban. In a much smaller country, Kosovo, the government also banned all Bitcoin mining activities to deal with energy problems. However, the latest and the most important Bitcoin mining-related event took place in Kazakhstan. The country was a Bitcoin mining hotspot and was the second biggest contributor to Bitcoin hash rates. In a series of political turmoil and upheavals, the country’s sitting government resigned and chaos ensued. Suddenly thousands of Bitcoin miners in the country found themselves without work or any source of earning money to sustain themselves. Naturally, they started to migrate.

Amidst this chaos in Kazakhstan, Kosovo, and other countries, María Muñoz from the Spanish Ciudadanos is seeing a new opportunity. While Spain has also faced some political turmoil in the recent past, it is still far more stable than Kazakhstan, Iran, and other Bitcoin mining-heavy countries. According to Munro, the Spanish economy will greatly benefit from making use of this opportunity and turning the country into a cryptocurrency mining hotspot. She sent out letters to authorities and also posted on Twitter about the same. According to her, this is a great opportunity for Spain to be proactive and make the best of the opportunity that the Bitcoin market is offering.

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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