The last week was very eventful for the people of Kazakhstan – one of the crypto mining hotspots of the world. The country went into an internet blackout, followed by power outages and civil unrest. It all started with the government removing all price caps from the price of fuel in the country. As a consequence, the price of fuel shot up overnight. People started taking to the streets and erupted in protest against the government. The sitting government resigned as a result, and the country was without any administration for some time. It had an impact on the global crypto prices and Bitcoin mining hash rates. Being home to thousands of Bitcoin miners, anything that happens there is bound to have an effect on the rest of the world.
Following the period of lawlessness and unrest, the central government of the country claims that the situation is stabilizing. As a result, the miners in the country are looking forward to the future of mining in the country. Following the blanket ban on cryptocurrencies in China, Kazakhstan emerged as a Bitcoin mining hotspot. Within a short time, it became the second-largest contributor of hash rates to the bitcoin network. With the situation in the country stabilizing, the global crypto community is hoping for an additional impetus to Bitcoin mining. The situation in Kazakhstan will take some time to be back to normal. Until then, speculations will continue.
