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Kazakhstan has taken a toll on the bitcoin mining industry as an energy crisis prompted a series of protests and political instabilities last week. However, he highlighted that political stability and foreign capital are crucial to pushing the industry forward in the central Asian country. According to the miner, the main issue for the mining industry in Kazakhstan is still internet access. After the protests ensued, Tokayev declared a nationwide state of emergency, cutting phone and internet access across the country, The Washington Post reported. Marathon Digital Holdings CEO Fred Thiel tells Bitcoin Magazine that some bitcoin mining operations he has had contact with have hired private security forces to contain possible threats and preserve personnel and facilities from eventual negative impacts stemming from the protests. Despite the high cost associated with moving operations overseas, according to Thiel, the biggest hurdle is the overall instability and lack of security, which make it impractical to ensure a safe relocation of equipment and staff as foreign and local military forces patrol the country and violently clash with protestors.
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My Puzzling Entry in the Crypto World
South Korea's government has been signalling that it plans to crack down on cryptocurrency trading. Exactly how it will do this remains vague.
But just the threat of action has been enough to drive a sell-off across the market globally. Bitcoin, for example, has lost nearly a quarter of its value in the past week. Prices of cryptocurrencies are volatile at the best of time. And pinning down rationale for those sharp movements often involves guesswork. But it seems that events in one relatively small Asian nation can have a significant effect on the market. South Korea is the third-biggest market in the world for Bitcoin trades, behind Japan and the US, according to the digital currency website Coinhills.
That's an estimate made by looking at counting the volume of Bitcoins that have been exchanged for various currencies. Of course, a buyer could be sitting in Singapore or Serbia while using South Korean won to trade, but the Coinhills breakdown is pretty much the best we have to go on. Taken together, you get a decent feel for how big this industry has become in a country of fewer than 50 million people.
Amid tales of schoolchildren and housewives rushing in to buy virtual currency, South Korea's government has branded the trend "irrational". And so when trading exchanges are being raided by the tax authorities and your justice minister mentions potential bans on all cryptocurrency trading, it is perhaps little wonder that the industry globally is noticing and that markets are responding.
Many South Koreans, especially among the younger generations, are digital-loving and tech-savvy, which makes digital currencies something appealing to explore and perhaps dabble in. The country has first-class infrastructure for IT networks and offers very fast internet connections - all things which make trading cryptocurrencies easier and faster.
According to analytics firm WiseApp, the number of cryptocurrency app users in South Korea has increase fold in the past three months to about two million users. Most are in their 30s with users spending an average of 26 minutes on the apps daily. The huge price rises enjoyed by many virtual currencies during , and the associated media coverage, is a major reason so many worldwide have decided to invest in, or gamble with, this new technology.
In South Korea it's suggested this appeal has been amplified by the state of the economy which has been slowing in recent years. Rising unemployment, especially among young people, is also being linked with a growing number of people looking at new ways to try and make money.
So unsurprisingly, with so many South Koreans keen to fulfil their financial hopes and dreams through cryptocurrency trades, there is resistance to plans for a crypto-clampdown. More than , people have now signed a petition on President Moon Jae-in's official website asking that the "happy dreams" of Bitcoin traders in South Korea can remain in place. South Korea's government has made a commitment to answer such petitions that reach more than , signatures within 30 days.
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Bitcoin - risky bubble or the future? Image source, Getty Images. What is Bitcoin? Should we care about the price of Bitcoin? How important is South Korea to virtual currency markets? The role of technology. The role of the economy. Meaning this debate has a long way to run. Published 11 January Published 22 December Published 29 November Published 20 December Published 14 December Published 11 December Published 27 November Related Topics.
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The State Of Bitcoin Mining In Kazakhstan
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What Happened: The political unrest prompted President Kassym-Jomart Tokayev to disband his government on Wednesday and declare a two-week state of emergency in the Central Asian nation. The internet blackout led to the overall Bitcoin network hashrate falling Larry Cermak of the crypto news and research site The Block also tweeted about the fall in the Bitcoin hashrate due to the internet blackout in Kazakhstan. Kazakhstan saw an influx of Bitcoin mining companies after neighboring China banned Bitcoin mining last year. In January, computer hardware manufacturer Canaan Inc.
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The price of Bitcoin slumped on Friday to lows not seen since September as Kazakhstan, the second-biggest country for Bitcoin mining, lost Internet access amid the political upheaval over energy prices. Cybersecurity watchdog Netblocks said Internet disruption in Kazakhstan continued on a nationwide scale as of Friday morning, with national connectivity observed at just 5 per cent of ordinary levels. The ongoing disruptions come amid widening protests against sudden energy price rises that started at the weekend in the western town of Zhanaozen.
We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info. Bitcoin's volatility has continued into as the cryptocurrency's value surges. The surge comes as inflation in the US rose by seven percent over the past year, the fastest it has risen in nearly 40 years.
Violent protests have poured into the capital of Kazakhstan in an outraged response to sharp fuel rate hikes. Hash rate is the measure of computational power miners are producing en masse. When a substantial portion of its power is removed, hash rate plummets and price tends to follow. The Bitcoin hash rate started setting new all-time highs and price followed. When the hash rate collapsed due to the China ban, price again followed. What will happen next with a major outage in Kazakhstan already underway? Could the situation in Kazakhstan simply be the start of the dominoes starting to fall once again for Bitcoin?
Trusted by industry leading investors Compare CoinMarketCap vs. PooCoin vs. According to our current PooCoin price prediction, the value of PooCoin will drop by NFT Design.
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