13% decrease in bitcoin popularity following Kazakhstan’s internet outage

کاهش 13 درصدی هش‌ریت بیت کوین به دنبال قطع شدن اینترنت قزاقستان

Kazakhstan’s internal unrest and the country’s Internet outage have had a negative impact on cryptocurrency mining, reducing the bitcoin popularity rate by 13 percent.

Kazakhstan, the second largest country in the world in terms of bitcoin mining rates, experienced unprecedented political unrest yesterday due to a sharp rise in fuel prices. As a result of these problems, first the president’s cabinet was forced to resign, and then the state-owned telecommunications company Kazakh Telekom cut off the country’s Internet altogether, reducing network activity in Kazakhstan by 2 percent from its daily normal. .

All these problems continued to deal a severe blow to the country’s bitcoin mining process. According to the data provided by YCharts.com website The overall alert rate of the Bitcoin network in the hours after the Internet was cut was 13.4% Decreased It rose from about 205,000 petas per second (PH / s) to 177,330 petas. It should be noted that this country accounts for 18% of the bitcoin network hash activity.

Problems of Kazakhstan

A few days ago, the Kazakh government lifted the price ceiling for liquefied natural gas used to fuel cars to meet market conditions. However, this doubled the price overnight, which led to many violent protests by Cossack citizens.

At the time of writing, Kazakhstan’s Internet is still experiencing problems that could have serious consequences if left unchecked. Kazakhstan Data Center Industry and Blockchain Association expects the country to earn $ 1.5 billion (and another $ 1.5 billion illegally) from its cryptocurrency mining activities over the next five years.

Meanwhile, the low price of electricity in this country (average only $ 0.055 per kilowatt hour) has led domestic and foreign institutions to decide to open a store to extract bitcoins.

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